Factors for a Successful Tenant Screening (2)
On the most basic, the importance of an address history cannot be over stated. When it comes to fraud detection, confirming an address history at the period of tenant screening may be the one fact that cannot be recreated from the person whose identity may have been stolen. If for instance you suspect that the address history of your prospective tenant is inconsistent with the other documentation provided by the applicant, then simply ask for copies of the tenant”Ēs old checks, tax returns and other evidences that could confirm the given addresses. In addition, the screening report should provide an address history which is consistent with that indicated on the application. Now, if the address history provided is accurate, then such information may be very helpful to an investigator searching to locate an evicted tenant. Bank and Savings Account Experts often say that a prospective tenant who does not have a checking account is red flag, something that needs immediate action. He is probably a very high risk tenant. There is a possibility that they could not obtain an account due to improper identification, illegal alien status or other account was closed by the bank for bouncing too many checks. So, landlords must beware. Assuming your prospective tenant has a bank account, try to check it out. What you can do is call the bank to confirm the funds and then ask for an account rating. Most banks will actually indicate when the account was opened, the range of their average balance, and then cross check if the check they have given you is good. Never let them move in until you have obtained this information. One thing to note here is that the existence of a bank account is an indication of stability and responsibility. It is also an indication of where to proceed to levy money in case the tenant gets evicted for defaulting on the rent. So if possible, confirm the bank account information every month when the rent is paid. This will ensure that your records are always kept current and will even flag a possible adjustment in responsible parties. Tenant”Ēs Employment When we say employment, we are somehow referring to the source of income. Accordingly, the source of income insures your security in renting to a prospective tenant. So, the first step that you can take is to be sure that the complete company name, address and phone number is given. Also, the supervisor”Ēs name, pay rate, and the length of term of employment are all important pieces of information that must be checked and confirmed. And, if your tenant works for a smaller company, it is equally important to confirm his employment. If your tenant claims to be self-employed or an independent contractor, simply ask him to present some proofs. Ask for a license or a business card, and check with the governing agency or private information provider to find out if the license is active and in good standing. Criminal Background Knowing the rising crime in urban areas, the property owners must then be concerned with introducing a dangerous or undesirable tenant into their building. As a property owner, you must protect your prospective tenants as well as your investments. There are also some criminal records that you can access for tenant screening. Nearly all of them are public and perhaps the easiest way to access them is through your tenant screening provider. Your provider may access information from different depositories throughout the country. However, before ordering a criminal background check on a prospective tenant, it is somehow important that you have sufficiently checked the application. Once you are satisfied with the information given, you can request the criminal background check from a certain county or state. References Finally, obtaining references on a tenant application is vital for a number of reasons. At first glace, references may seem worthless, unless they are checked out. As far as I know, the most important reference is the current or previous landlord. So if your prospective tenant is moving across town or country, they must have lived somewhere else. Call the former landlord and ask about the types of tenant they were, including their payment habits, and if they did the rules and respect the property. Other useful references could be the tenant”Ēs friends and relatives. They are equally important in the event of an emergency or need to locate the tenant after they have moved out. These references are also the key to any collector performing skip tracing on a tenant that left owing you money. So those basically are the most important ingredients of a successful tenant screening. The most important thing to consider in general is to make sure if all the given information are accurate, consistent and reliable. As a landlord, you must then be very smart and learn to play detective. |
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