When entrusting your valuable property to another, it’s only logical that you take every possible precaution to protect the integrity of your investment. Equally as important as reliable property insurance, verifying the personal and financial integrity of your potential tenants is one of the easiest ways to prevent problems. Whether you’re hoping to prevent a neighborhood safety issue because of criminal history, or you’ve experienced financial problems because of an unreliable tenant in the past, here are 3 realistic steps you can take to avoid the majority of tenant issues.
1. Perform a Comprehensive Background Check
Before scheduling a lease signing appointment, we recommend that you invest in a PA state background check before moving forward with any new tenant. To begin, you can easily include a background check acknowledgment section on the rental application, or provide them with a background screening consent form after the rental application has been accepted.
We recommend including a background check acknowledgment section in with the rental application process because only individuals without a serious criminal history will even bother to apply. Also, since you can factor the cost of a background screening (and the credit report below) into the price of the rental application, accessing these essential services will cost you nothing.
After your prospective tenant has acknowledged the screening, a quality background check will identify:
- Misdemeanor & Felony Charges Up to 7 Years Prior
- Education & Employment History
- Identity Verification
- Pending Criminal Cases
- Incarceration History
2. Utilize a Detailed Credit Reporting Agency
Even if your prospective tenant has provided honest employer information or shown you multiple pay stubs, it’s important to take your financial investigation a step further. Just because your tenant can prove that they have a sizeable salary does not mean they have a history of paying their bills on time.
Our credit report companies in York, PA objectively reveal the truth, and will quickly identify if your prospective tenant is likely to pay on time. While performing a credit check is always optional, this is one of the easiest ways to protect yourself from financially unstable individuals. Just like the background screening, it’s also important that your potential tenants acknowledge the credit screening since this process accesses sensitive personal data.
3. Hire a Reputable Property Manager or Personally Interview Every New Tenant
While an illuminating background screening and credit check will unveil the majority of potential issues, never underestimate the power of genuine interaction. You can partner with a property management company to interview your tenants, or you can always just do it yourself. First impressions matter and a quick pre-rental interview will provide you with invaluable insight into their intentions and personal character.
If red flags are raised at any of these three crucial tenant check-points, it may be time to consider another applicant. We specialize in helping landlords achieve property rental success, and will gladly outline the simple ways we can help you ensure the integrity and quality of your candidates today.
