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Steps to Screening Tenants

If you’re overwhelmed just thinking about the screening process for new tenants, you’ve come to the right place to ease your worries!

While a vacant property will cost you money, having inadequate tenants will cost you more money. Finding the right tenant is crucial for financial survival and gain.
tenants, Picket Fence Properties, property management, rental, property owner, landlord, rent

Renters are on the search for the right property to fill their needs. Landlords and property managers are looking for the right tenant that will take care of the property and pay on time in full each month.

To help you streamline your process for tenant screening, we have gathered the right way to screen your applicants to get the right candidate to become a tenant.

Take Applications

This is a vital step to start your process. Whether you choose a physical application or an online application, is entirely up to you. We suggest an online application to save you time and money. With the application, begin by setting your expectations as a landlord. By being direct from the beginning, this will filter out several potential tenant disasters.

With your listing, include information such as the rental rate, the smoking policy, the pet policy, and any credit/income requirements that you may have.

Remember, all policies needs to be in writing and available for any tenant to see for all tenants to adhere to. This dominates  eliminates possible discrimination early.

Meet Applicants

A face – to – face interaction gives you the ability to handle several items of business. Take the opportunity to ask questions, give a tour,  and collect the application fees at this time.

Screening

A full tenant screening should include a credit report, criminal report (local, state, and national), as well as an eviction report to be thorough.

As a warning, just because an applicant may seem to have their lives together on paper, don’t let this deter you from running a tenant screening. You need to see a full picture of each applicant to make the best qualified decision.

When looking at their credit report, be aware of consistent late payments, non-payments, repossessions, bankruptcies, owed collections, and garnishments taking place. Look more for the practice of their payment history rather than the scoring that may be available.

Verifications

Verify their current and past employment. You are trusting them with your property so ensuring that they have an income is protecting your investment. During this verification, also contact previous landlords to obtain how their rental history really looks.

As you go through these four steps, you will have a sound process in place for your tenant search, which will give your peace of mind to not be overwhelmed as you gain a quality tenant.

All my best,

Teresa


Picket Fence Properties, located in Windsor, CO is Northern Colorado’s Top Notch Property Management company helping owners with their rentals, income/investment properties and vacancies in Northern Colorado. Are you a owner of a home for rent or that you’d like us to manage? We help you have the perfect tenants in NoCO. Are you looking for somewhere to rent in Greeley, Loveland, Fort Collins, Wellington, Eaton, Evans, Windsor, Frederick, Firestone? Look no further, we have all your real estate and rental needs covered. Check out website for vacancies today.

Posted by: picketfenceproperties on September 5, 2017