Tenant screening is the landlords greatest shield against revenue loss, unnecessary fees and costly court battles. A landlord must not overlook the importance of a thorough tenant screening process. This guide explains the entire screening process to help you select the perfect tenant.
Why should you screen Tenants?
The greatest threat to the landlord is the ‘professional tenant’, this is a renter who understands how to manipulate the system, and will stay in a property for as long as they can, without paying any rent. Evicting the ‘professional tenant’ is a complex process. By effectively screening tenants, we find indicators such as previous evictions, which allows the landlord to identify potential problems.
Another reason for tenant screening is finding the right fit for the property. A luxury rental property would have different criteria for acceptance, compared to a small rental aimed at students. The landlord would have to judge whether the tenant would have the finances to rent, which could be found through income verification's and employment.
The screening process
1. Interview the tenant
It is imperative to talk with the interested tenant; this interview will help you to make intuitive decisions. A further benefit of the interview is that it allows you to judge if you should spend time on the prospect, by continuing the screening process and showing the property in question. The interview should answer the following:
Why is the tenant moving?
When do they plan to move?
Does their income meet the requirements?
Will they have additional people living with them?
Would they agree to a criminal record, credit and eviction check?
Do they have pets?
Are they able to provide references from their employer and landlord?
2. The Application
Having the prospect fill out a document provides written records and important information. It also serves as a security net by addressing questions that may have been forgotten in the interview. By having a good set application for all prospects, it is easy to organize and analyze the information, making it more efficient to compare tenants.
3. Contacting References
Employer references and landlord references are vital sources of information. Be sure to ask for a work number for the employer reference to avoid fraudulent references.
4. Tenant Screening Report
This step involves compiling a credit report and an eviction report.
Tenant screening can be a laborious process, at The Address Property Management, we take care of the entire tenant screening process and provide comprehensive reports to keep the landlord well informed. Finding the right tenant is our priority, we aim to have every client sleep soundly knowing that their property is under our vigilant care.
Whether you would like full rental property management or just help finding the right tenant, we at The Address Property Management can address all your property needs.
For more information contact us: info@theaddresspm.ca or call +1-647-400-0690.
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