A good tenant selection process will greatly increase your ability to choose high quality tenants who will pay the rent on time and keep the property in good condition. Bad tenants may not pay the rent and can destroy your property costing you time, frustration and money. Most evictions take time and landlords are unable to recover all of the rent that was agreed upon. This is why it’s imperative to develop or refine your tenant selection process up front.
There are specific processes and procedures that experienced landlords and property managers use throughout the tenant selection process to find the best tenants for their property. Unfortunately, a lot of independent landlords don’t have the knowledge or time to properly screen tenants and establish their tenant selection criteria.
This website is your guide to selecting tenants, which can be both an art and a science. You will find current information and tools and learn how other landlords screen tenants. You can standardize your process, treat each applicant fairly, and make the best decision possible for your property.
A credit report is an important tool in determining whether or not an applicant can pay the rent.
You should learn how to read and decipher all of the information on the report and determine what is most important to you. Many landlords look at a credit score, have an acceptable range in their mind and make a decision.
Here’s a Sample Report and What to Look For:
Applicant Snap Shot
This section is a summary. You should look below for more detailed information.
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