Tenant Verification is all about eliminating high risk tenants. This makes the tenant verification screening process a vital and indispensable part of the business of managing rental property. Unfortunately there are many myths that plague this industry. It is surprising that even many professional property managers continue to rely upon tenant screening techniques which are unreliable.
Common Mistakes Made in the Tenant Screening Process
- Judging a prospective tenant by their appearance or charming personality.
- Trusting what everything your rental candidate tells you.
- Failing to first obtain a rental application before beginning the process of tenant screening.
- Being too cheap to pay for a personal background investigation to reveal a detail track record of the rental applicant.
- Relying upon a credit report to reveal personal background history.
- Using FICO scores as a means test to determine the applicants eligibility.
- Using unreliable tenant screening companies who don’t provide extensive personal background history that comes from nationwide sources.
- Neglecting to check with the most recent landlord to discover any issues.
- Overlooking obvious lies that your rental applicant tells you.
- Believing that only a criminal background check is necessary to screen your applicants.
As a landlord or property owner with rental property, you simply cannot afford to screw this process up. There is no excuse for allowing undesirable tenants to lease your property considering the wealth of information that is available regarding your tenant’s personal background history. This includes obtaining all court data from every city, county, state as well as federal records.
Mandatory Information Every Landlord Must Have!
- Nationwide judgments, evictions, liens, foreclosures, and bankruptcy filings.
- Nationwide criminal records that includes an arrest report.
- Detailed address report including other household members.
- History of real estate ownership.
- DMV records.
- Fictitious Business Name filings and corporate filings.
- Professional licenses.
- Employment locator report.
- Personal Associates and Relatives.
- Credit history that includes open collection accounts.