So you’ve decided to rent out your house, condo, or apartment. The applications came in droves, and plenty of amiable applicants are ready to give you their deposits today.
But wait!
You need to investigate potential tenants to make sure that they’re a safe bet. In this article, we’ll explain why a tenant background check is so important and what you need to look for.
Attract the Right Applicants
When you require extensive background checks, you send a clear message to potential applicants. This will attract applicants who have nothing to hide while discouraging applicants who won’t be able to pay the rent or have a history of criminal activity.
Secure Long-Term Tenants
When you find the right tenants for your property, it saves you from having to do this all over again next year! This will save you a tremendous amount of money, and it ensures that you won’t waste your valuable time. The best tenants will stay for years and treat the house as if it were their own.
What Do Background Checks Look For?
Background checks will screen for criminal records and ensure that applicants are not present on any sex offender registry. Make sure that your applicants provide ID and a social security number so you know that they are who they say they are.
How to Review a Background Check
People with a criminal past do need housing, and they deserve a second chance. When evaluating tenants who have a criminal history, take the following into consideration.
Honesty: Were they upfront about the results of their background check ahead of time?
Timeline: How long ago did the crime occur? Have they seen the error of their ways and gone years without a repeat offense? Have they committed multiple crimes? Have they committed a crime recently?
Severity: Violent offenses are cause for concern, as are other crimes like vandalism, arson, and theft. If they don’t respect other people or their property, they aren’t likely to respect yours. Still, if a grown adult was arrested for shoplifting as a teenager and hasn’t committed any crimes since, they deserve a pass.
Credit Checks
Most landlords say that they care more about background checks than credit checks, but the latter is still important. Credit checks will tell you whether or not an applicant is financially responsible. It shows how much debt they’re burdened with and whether they make reliable payments.
Credit checks will also show you how much money potential tenants have in the bank, how long their bank accounts have been open, and whether or not they have reliable sources of income.
Public records can tell you whether an applicant has ever filed for bankruptcy.
Safeguard Your Property With Tenant Screening Services
Tenant screening services allow you to verify a potential tenant’s claims before trusting them with your home. These services usually include background checks, credit reports, employment histories, eviction histories, and more. Safeguard your investment by doing your due diligence ahead of time.
