Our Tenant screening process includes; pulling and analyzing individual applicant’s credit reports * calling current and past Landlords * verifying employment * searching for past evictions * researching application discrepancies, etc.
Policies used by credit bureaus to determine credit scores have changed drastically over the past few years. We personally screen our applicants, rather than delegating this process to another company. Simply focusing on credit scores alone may not always be enough these days. We focus on red flags, including; evictions * frequent address changes * social security number discrepancies * high balances * utility collections * late payment patterns, and so on.
Selecting the right Tenant can make the difference in having extended vacancies, evictions, and trashed properties versus having a great tenant that helps maintain strong cash flow, takes care of your property, and abides by the contract. It’s just like the foundation of your home! Bad foundation equals bad house. Poor tenant screening equals poor tenant
The process of reviewing a Tenant application and verifying the accuracy of provided information can be a tedious process, but pays huge dividends in the future. Our ability, skills, and willingness to take the time for this process have resulted in an extremely low eviction percent; we have had only one eviction in the last seven years. Our In-house screening also includes; contacting the applicant and asking questions concerning blanks on the application, date discrepancies, income discrepancy, disconnected phone numbers, and so on. While the process may seem excessive, our results speak for themselves.
*** It is relatively easy to simply find and approve an applicant, and this may be quite impressive to the owner having tenant approval in a short amount of time. Our tenant screening, philosophy and motivation may be a bit different from other companies. Our tenant screening we are looking for a long term, quality tenant that will take care of your property, pay rent on time, and abide by the contract. Frequent vacancies are extremely expensive! As an investor, you are looking for long term success and a strong performing property, not to simply move in the first tenant that applies for your property and “hope for the best”.
For further details and a personal investing rental value analysis, give us a call anytime. As always, we wish you happy and prosperous investing and hope to assist you in achieving all your Real Estate goals.