Tenant Selection
If you are a hands-on landlord and want to screen your own tenants, what are the top 6 concerns for tenant screening if you are in charge of your own Rental Property Management.
- 1. Income requirement:
- Depending on the monthly payment, you would want to inquire about the income potential of your tenants since you don’t want the applicants to be spending more than 40% of their gross monthly income on housing. Make sure you are considering the cost of utilities and other charges that will not be included in rent.
- 2. Credit Score:
- You should use a Credit Reporting company that will provide you the rating from all 3 major credit agencies including TransUnion, Equifax and Experian. As a landlord you are making a similar decision about your tenants ability to make payments for the rent.
- 3. Employment History:
- The longer the person has stayed in a position might be a good indication of the job stability, but this is very subjective in this day and age since most employers have At-Will contracts with their employees.
- 4. Landlord References:
- This is one of the most critical pieces that we use in determining the insatiability of a tenant for our clients. During this difficult foreclosure crises when some long term homeowners have lost their homes, they are having a tough time providing rental references since they have been homeowners for a long time.
- 5. Eviction filings:
- If there is history of eviction filing in your tenants’ background, this means that a previous property owner or property manager had to resort to an eviction to vacate the property.
- 6. Bank or check writing history:
- If there are irregular bank transactions in your tenants background it might be a good idea to keep interviewing more tenants.
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