Tenant Selection Process
The goal of the tenant selection process is to find the best tenants in the shortest amount of time possible. The screening is made up of rigid procedures that don’t leave anything to chance and include the following:
This letter is going to confirm that the person actually works where he says he does in his application. You’ll also want to see some type of income verification in the letter or along with it. A person that has been solidly employed for a respectable amount of time with verifiable income makes a great tenant as long as all of the other selection factors line up as well.
Credit Bureau report
This is one of the steps of tenant selection that must never be skipped. A person’s credit score lets you know the level of responsibility that the individual has when it comes to finances. Some people just don’t understand that a financial commitment must be honoured in every regard. When you take a look through the credit bureau report you’ll be able to see firsthand how the potential tenant treats his financial obligations. It’s easy to conclude that an individual that tends to skip payments on his credit card or pays them late will do the same with his rent payments.
Tenant selection becomes more interesting when you ask for references and start checking them out. While the prospective tenant is going to be providing you with the names of friends and family members, you can also ask for the previous landlord’s contact information. When you talk to the landlord, you’ll find out all of the vital details you’ll need to know about the person as a former tenant.
The data that you receive from the landlord will be a direct reflection of what you can expect from this person or couple when they become your tenant. This is going to be the most important reference of those provided and it is critical that you get in touch with this landlord, even if it means playing a game of telephone tag to reach him.
The process of selecting tenants cannot be emotionally driven and arbitrary. It is the most important action that you’ll need to take as a landlord to ensure that the property is well-maintained, the rent is paid every month on time and the other tenants in the building remain happy.