Tenant Screening – Know About Your Tenant

tenantriskverification August 23, 2012 0


Tenant screening always begins with a credit check, so get your potential tenant’s credit report first. If your tenant hasn’t been good about paying money to people that they have borrowed from, it might mean that they won’t be good about paying you the monthly rent that they will agree to pay you.

There are many disadvantages of renting your apartment to a stranger (for monetary reasons)than advantages. On the other hand, there are many advantages and limited drawbacks when you have a prospective tenant with a clean record.Leasing or renting an apartment includes a risk that is really like the extension of your credit.Your cost remains added until you’ve cleared it. It’s understood that landlords cannot have first hand knowledge of the applicant’s reliability; nor do they really keep an easy assurance how the particular tenant will be accountable for all future rent payments. The probable surmounting cost of having rented to an unreliable tenant could grow to be a gamble. It could are available in the form of lost rent how the tenant could not pay for whatever reason, or the price of financial liability (mortgage), and the legal cost in case you were forced to evict the tenant. The disadvantages are plenty so if you’re a landlord and select not to screen your tenants, you will probably find yourself struggling for the very same reasons.

The next question is how?

The emergence and popularity of tenant screening services countrywide is really a clear indication more and more and more landlords are asking for a comprehensive tenant report. A thing of caution here – select reliable background check agencies, that have a good track record as well as an effective screening methodology. A reliable agency would ensure an extensive check and therefore ensure peace of mind.What functions do Tenant Screening Agencies perform?

They provide you with an in depth tenant screening report from the prospective tenant, that is compiled with the help of various resources. A typical report should detail the following:A credit profile sourced in one of the three national credit bureaus. Public record information: civil judgments, tax liens, and bankruptcies. Drivers license verification. Banking records. Personal information, address history, etc. Criminal and eviction information (if any).

Tenant screening agencies that employ sound practices and methodology can present you with the means to develop a selection technique for your prospective tenants. In fact, choosing the proper tenant screen-er agency is extremely important to selecting the right tenant.

This article originally appeared on goarticles

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