There’s no getting around this one.
Landlords and homeowners who manage rental properties must know how to screen tenants.
What’s the biggest rental sin you can commit? Moving a tenant in without checking their background and qualifications.
Here are the four most important items we check at Idoni Management before we approve a new tenant for one of our properties.
1. Criminal background
2. Credit history
3. Employment history and Income
4. Rental references.
We do careful checks in these areas to ensure we are renting a property to the best possible tenant.
The typical tenant we place makes at least three times the monthly rent in verifiable income. You can verify what an applicant makes by asking to see pay stubs, tax records or bank statements. We also look for at least three years of verifiable employment.
Call the current employer and check pay stubs from past companies. We also want to see three years or more of good rental history. We don’t want to see evictions in an applicant’s past.
Landlords need to know about payment history before renting out an apartment. Would you want to rent to someone who pays bills on time? Or to someone who always pays late? An ideal tenant will have good credit, with a credit score of at least 600.
The criminal record must be clean or only contain minor, non-violent items. We never want to approve a tenant who shows upon the sexual predator list or in the terror database.
These four checks are a must when screening potential tenants. Doing this will boost your chances of finding a great tenant who will pay rent on time and take good care of the property.