Why is tenant verification so important?
Because it helps you determine not only the best tenant for your given property but also gives you the information you need to make a good business choice as a landlord. Any tenant can walk into a showing and put their best foot forward, making you feel at ease, but it’s really only through a thorough screening that you can be sure of exactly what you’re getting. Many tenants know how to play the game to make themselves appear more desirable than they actually are, and some may even lie about income or employment in the hope that you’ll rent to them without verification. Don’t fall into that trap!
Whether you decide to screen your own tenants or use a property management company, you should make sure that you’re really looking behind the curtain to see what’s going on with each applicant. Tenant verification screening is going to benefit you either way, and better yet, with the right program it’s available at minimal or no cost to you because the application and screening fee is paid by the tenant. As always, it’s important to check your local laws to see which screenings you can use and determine that maximum you can charge for an application fee.
Here’s what a screening can tell you
- Determine that the information on an application is accurate. Everything from previous addresses to employment history can be cross-checked via a screening.
- Check credit history. Getting a credit score for a potential tenant is only one piece of the puzzle. You can also get a bird’s eye view of how a potential tenant has dealt with financial highs and lows in the past so you have a better idea of how they’ll do so while living in your property.
- A background check can prevent messy incidents. If you live in an area where you’re allowed to run background checks on rental applicants, this tenant verification will help you see whether someone has a history of violent crime, drug convictions, domestic disturbance, or anything else that would cause you and your other neighboring tenants grief.
- Eviction history. Knowing whether a tenant has been previously evicted can tell you a lot. It’s not always a sign that you shouldn’t rent – sometimes landlords are in the wrong or it truly is out of the tenant’s control! But it will give you a better idea of their rental history and is important to note.
- Learn more from previous landlords. Still not sure about a certain applicant? Contact their previous landlord to get a more well-rounded picture.
- Speak with the tenant directly and verify everything they tell you. Some people can be very personable and friendly, but no matter what, you’ll always want to double-check that everything they told you during an interview is accurate. Cover all your bases!
At the end of the day, screening is the best way to protect your livelihood. We recommend our RentalConnect program as an added tool for selecting 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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