Top Tips for Advanced Tenant Screening
Veteran rental property owners will agree that the key factor to long-term profits is quality tenants. Once you find a good tenant, you can be set with a renter for years. It is important to implement advanced tenant screening in your rental process and avoid cutting slack to individuals who which to rent from you as you may lose out in the end. By following a few top tips below and continuing to work with your Chicago property management company, you can be successful in your renting endeavors.
Develop Qualification Criteria and Document It
Of course, as you review applications for tenants, you will turn down those interested in renting from you. You have every right to decline an application. Some applicants may be considered a protected class due to state or federal housing regulations. Applicants can choose to accuse you of discrimination when it comes to housing. With documentation of your qualification criteria, you have legal backing.
You want to be race, gender and disability neutral and have this documented. You want to show that you meet legal tenant screening criteria in your application process, essentially to protect yourself.
Verify Sources of Income
When your Chicago property management team is reviewing applications or tenants, verifying income sources is essential. Today, it can be easy to fake documentation such as check stubs. By using certain resources such as stubsamples.com, your team can ensure that possible tenants are legit. They can also speak to their employer and references to ensure they are employed and that you are not at risk of being conned.
Contact Previous Landlords
If the applicant has lived in rentals before, use this information to your advantage. Contact at least one to two previous landlords to see how the tenant behaved. You want to receive an unbiased review of the potential tenant. The previous landlord may want the individual to move on, so they might leave a glowing report. By going back a few landlords, you can get at true idea as to how the individual will act as your tenant.
Use Social Media to Your Advantage
Because you have the applicants name and you know where they are located, you can use social media accounts to find out more about them. Facebook and Instagram are great places to start with. You can also use LinkedIn to access work information as well as residence history. You can compare the application with these profiles to check for consistencies or even inconsistencies.
Background Check is Essential
Running a background check is essential to tenant safety as well as yourself and your property. Any adult on the application should be subject to a background check. Husband’s and wives, siblings, etc. anyone who is of legal age should be inspected by your Chicago property management team to ensure that the potential tenants are safe and do not have a dangerous criminal history.
These are just a few tips you should follow when considering applicants for your rental properties. Work with your property management team to find the best options for your property to succeed. With a plan in place, you can secure quality tenants that will last for years to come.