You just met with a really nice prospective tenant. They see like they have their act together, they were friendly, and they answered every question well. You’re feeling pretty good about them. Should you trust your gut and extend them a rental agreement? Well, while trusting your gut can be a good thing in many situations, when it comes to your business and livelihood, it’s best to be absolutely sure. Using a tenant verification service will give you all the answers you need and help prevent fraud.
As a landlord, your properties and ability to fill those properties with qualified, paying tenants is essential for your success. Anyone who’s been in the rental business long enough knows this is easier said than done, however. Even if everything looks good on paper and in person, there may be something hidden in an applicant’s past that will give you pause. At the very least, it’s worth looking into and seriously considering.
More Comprehensive Than Credit Reports
Tenant verification screening can take many forms, but most landlords and property managers rely on credit reports first and foremost in their decision making. While a credit report can give you a lot of information – credit score, current debt, payment habits, declaration of bankruptcy, and more – there are some things it can’t tell you. A more comprehensive tenant screening can include a background check, criminal history, eviction history, and even out-of-state information for someone who’s moved in from outside the state. All of this information can combine to paint a different picture than the person you met.
Important things to keep an eye out for in your application and tenant verification reports:
- Employment verification
- False pay stubs
- Previous residences and relationships with landlords
- Criminal background
- Eviction history
- A slight variation in the name that doesn’t match the social security number given
- Anything else that doesn’t quite match what’s on the application
Any or all of these things could be warning signs and are worth a deeper look. It’s vital to protect your business and property from fraud and income loss, and doing your due diligence is always well worth it. Best of all, screening services like those from TSCI are paid by the tenant as part of their application fee, making the screening virtually cost-free for you.
We recommend our RentalConnect program as an added tool for selection the right tenants for your property. RentalConnect offers property owners and landlords a great alternative to the expense of full tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient, especially for those with less experience in property management. The $34.95 service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search.
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