Tenant Screening: The Complete Guide to Effective Tenant Screening northbloomfield.com
Landing the right tenants will lead to growth and profit. The best tenants will pay rent on time and take care of your property. They will also notify you promptly about maintenance issues.
Attracting the right tenant is not an easy task. It is important to have a strategy in place that can help you eliminate potentially problematic tenants from your potential tenant pool. A tenant screening strategy is essential for this purpose.
We believe that effective tenant screening should be a skill every landlord should have. The following guide will help you to screen your tenants.
Identify the Qualities of a Quality Tenant
Before you can make your property ready for rent, it is important to think about who you are trying to attract. Here are some characteristics that make a perfect tenant.
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They are employed in a steady job.
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They can easily afford rent.
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A clean criminal record.
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Refer to other landlords for great references.
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They are responsible for the property.
Once you have identified the type of tenant you want, you can start designing the screening process that will ensure you achieve your goals.
Make a targeted advertisement
Marketing starts the process. It is important to create a rental ad that targets the right tenants. It will save you time and help you to attract the right tenants if you do it correctly.
You'll need to add more than the basic information in the description section of the property. For example:
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Rent Amount: This will allow you to quickly disqualify prospects and save you time.
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Features for renting: Let potential tenants know the number of bedrooms and bathrooms they will be getting, as well as the type of property.
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Available Amenities: Tell prospective tenants what makes your property stand out from the rest. For example, you can state whether the property is located in a quiet area, has a yard, is close to nightlife, public transportation, etc. Take photos of these amenities.
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Budget information: Tell prospects about any additional move-in fees you charge other than the first month's rent. You might ask for a security deposit, pet fee, or both.
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Important policies: You should mention a few important policies in your lease. Your pet policy is one example. Accept pets? Are there any restrictions you might have that tenants may need to be aware of before they show interest?
Pre-Screen Prospects
Pre-screening can be a valuable step that will help you spot red flags early in the process and save you time later. Pre-screening includes asking prospects key questions during initial contact.
This is usually done after your marketing campaign launches. Tenants then get in touch to ask for more information about the property. Meeting prospects at the showing is part of pre-screening.
These are some questions that you should ask prospects at this stage.
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Why are you moving?
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What time are you planning to move?
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Is your landlord aware that you are looking to move out?
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Are you employed? How much do you make each month?
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What number of people will live with you?
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Are you a victim of eviction?
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Do you have the authority to authorize credit and background checks?
After a tenant has answered all questions satisfactorily during the pre-screening phase, you can ask them to complete a rental application form.
Check the Prospects Information
The first thing to check in the rental application form is where the prospect works and how much they make. This is beneficial in two ways.
It will allow you to see if the tenant is truthful about their income. You'll also be able to see if the references are truthful and tell a consistent story.
Talk to Prior Landlords
It is best to get in touch with previous landlords, not your current landlord. Long-term tenants are the best way to find quality.
While prior landlords are not allowed to lie, current landlords may lie to get rid of problematic tenants.
Do a background and credit check
A thorough credit and background check should reveal valuable information. The following information should be included.
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Credit score
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A complete history of your account
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Prior evictions
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Criminal history
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Verification of Social Security Number
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Check out the National Sex Offenders List
Take the final decision
After you've completed the above steps, you will have all the information you need to accept or decline a prospect. You can notify a prospect by either calling them or emailing them to accept them.
Bottom line
A thorough tenant screening process is essential for any landlord. This will protect your investment, ensure a stress-free experience and maximize your rental income.
Looking for “property managers near me“? The North Bloomfield Properties can assist you in any aspect. We are a reliable and professional full-service property management firm in Michigan.
We can help you increase your profitability, expand your investment portfolio, or just achieve stress-free property management. Contact us for more information! Highland Property Management
Name: North Bloomfield Properties
Contact No: 248-366-8484
Address: 8081 Commerce Road, Commerce Township, MI 48382
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