Landlords should invest the time to learn how to screen tenants. In the long run, finding the right tenant will give landlords peace of mind. The right tenant will ideally pay the rent on time and keep the rental property in good shape. Here are some simple ways to screen tenants:
Screen Tenants for Rental Property with Online Credit/Background Check
In the past, small landlords had a hard time running a fast credit check on a tenant. Today, online tenant screening makes the process very fast and easy. With TransUnion’s SmartMove partnership with ClearNow, landlords can receive a credit check and criminal and eviction report within seconds. Landlords can specify if he/she or the tenant will pay the screening fee, which is typically paid by credit card. Online credit and background checks is an effective way to screen tenants for rental property.
As part of the application process, landlords may request information from tenants related to income, employment, and past rental history. Landlords should contact the tenant’s previous landlords to confirm their tenancies. In checking references, landlords can get a sense of the tenant’s rent payment activity and overall condition of the rental property upon departure.
Landlords incur a tangible cost when they screen tenants for rental property. They should keep track of the expenses related to screening tenants whether it be telephone, travel, or online screening fees for example. RentalIncomeExpense.com is a free income and expense tracking tool designed for landlords. They can easily record their expenses while finding the right tenant for their rental property.