So you think you’re a great judge of people and that you don’t need to screen applicants. They said their credit was good. They said they had A perfect rental history. They said they have no criminal records. They even said they would pay for a year of rent in advance and…they want to move in tomorrow! Sounds good, right? You are anxious to get your property rented and this would make things really easy for you!
I can’t tell you how many times I’ve been told this very same thing or have been tempted in the very same way. Running a screen, however, often paints a completely different picture. It suddenly becomes clear that nothing they said was true. On the screening report you see maxed out credit cards, bankruptcies, foreclosures, criminal records, histories of rental complaints, late payments and maybe even evictions.
It’s important to know your screening criteria ahead of time and list it in your rental advertisement. By doing this you’re letting people know right up front that you WILL be screening them. Give them the opportunity to disclose anything that may come up on the report ahead of time. This will make it possible to deny them before taking their screening fee if they do not meet any of your screening qualifications. Be strict about these requirements and don’t bend your rules! When you hand them the rental application you should also give them a copy of your rental requirements. That is your proof that you informed them of the criteria and reasons they may be disqualified.
The screening company that you choose will be able to help you read and understand the reports. However, remember that the report is confidential information and cannot be shared with anyone, not even the applicants that were screened. You can tell them the criteria that were not met. Or you can tell them that the report turned up discrepancies in what they reported (Example: they failed to disclose information or falsified information), but it is unlawful to talk to them about the details of the report. The best thing to do is to give them the contact information of the screening company and let them answer questions the applicants may have. The screening company will also provide you with a denial letter which you can pass along to the applicants.
Tenants that meet all of the screening requirements are the responsible people you want in your rental property. You will be rewarded by timely rental payments and tenants that care about the condition of the home in which they live! I find that this process is the biggest reason why owners choose to use a management company. Tri County Management, LLC uses a local screening company and has written screening criteria for every applicant. If this task is to daunting for you, give us a call. Let us maximize the return on your investment and give you peace of mind.
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Tri County Management, LLC is licensed and insured and has over a decade of experience managing residential properties. Let us maximize the return on your investment and give you peace of mind.