Key Information About Screening Prospective Tenants

Key Information About Screening Prospective Tenants

Screening potential tenants is crucial for a landlord and will save them time and money over time. Not only does this protect the property in question, but might also help you to keep the good tenants which you might already have, who live nearby.

A rental application is the best way to begin. This will help you in the case of a dispute with the potential tenants. If all you have is an oral agreement, then it is harder to legally justify it if you have to turn a renter down. Written applications can provide proof of why you chose not to accept this renter.

A second key step is to run a credit report. This is a way of discovering whether or not the renter is likely to provide his or her rent in a timely manner. Whether a tenant has ever foreclosed on a home or filed Chapter 13 can also be discovered in a credit report. You may choose to overlook a few past mistakes, but this will help you identify warning signs.

Employment history, current salary, and time on the job are all also key information to have. A person who does not stay long at one job, or has a low salary may not be able to make their payments.

How a person will maintain there home cannot be told from a credit report, which only gives background into the finances. The report will also not show whether or not the person may cause problems in the neighborhood, or damage property. Because of this, it is important to talk to a few people who have rented to this tenant in the past.

It is also important to be sure that you are following the U.S. Fair Housing Act. If you are not following it, a prospective renter has the right to sue you. It is against the law to reject a tenant just because of their race, beliefs, and so forth. You must show good reason for denying a prospective renter because of this law.

The only real reasons you can turn someone down is legitimate fear that they cannot pay you, or that they will destroy your property. By turning those people down, you are protecting what you own. If a person has a history of not paying bills on time, then you can show that you were afraid they would not pay you. The same goes for destructive people who might have left other rental properties in terrible condition.

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