Failing to properly vet potential tenants can cost you both personally and financially down the road. Utilizing a tenant screening checklist could potentially save you thousands in property damage, lawsuits, and evictions. Check out the below tips to avoid the loss of sleep and headaches making these mistakes can bring.
Don’t Skip Steps
Despite how impressive someone may seem, it’s bad business to begin skip any of the steps in the process. No matter what, every applicant requires a thorough screening process.
Meet in Person or Virtually
Initially, you’ll want to have met in person, mainly because lies to your face are usually not so easy to pass off. A mutual benefit of this encounter is in the building of a positive relationship as you will more than likely be dealing with each other over a long period
Get a Background Check
A background check provides facts for strong consideration, within the confines of the laws that govern real estate regarding criminal background checks. A background check is a must as a part of your screening checklist. The results should be considered not only for the protection of your investment, but also the neighbors you’ll be exposing to your tenants.
Don’t delay! The last thing you want is to be paying the continued holding cost of an empty property. The goal is to get it rented as quickly as possible. Remember, that great tenants are shopping around, and it is highly likely your property is one of many that are being pursued. Delaying could result in a loss of a high-quality renter.
References can bring issues with dependability or responsibility to the surface and should be done for every single applicant without exception. It is important to be provided with contact information for their current employer and landlord. While credit and background checks may be informative, they are only a part of the picture. When checking their references, look for misinformation such as any dates that don’t line up, or unexplained gaps in employment or rental history. This could indicate they’re hiding poor work ethics or even possible evictions.
Bill Weaver is a Professional Real Estate Investor, and Owner of Vitality Home Buyers. He works with clients looking to buy, sell, lease, or rent residential properties.