Why perform a tenant background check? Perhaps you have met the renter and have a great gut feeling. But did you know that about 92% of tenants fail to make a full payment on time, according to the National Multifamily Housing Council?
Safeguarding your investment as a property manager requires effective screening of all prospective tenants. Read on to learn the importance of screening and the best tools for conducting a background check on renters.
Hunter Property Management
Tenant screening is one of the services offered by Hunter Property Management company. The company understands how frustrating it can be to find the right tenant for your property. This is why we take the time to check every applicant against the following info:
- Debt to income ratio
- Criminal history
- Credit rating and status
- Eviction history and verification of employment status
RentPrep
RentPrep is one of the best tenant screening tools if you have more than one property. Signing up for their service comes at a cost. But you won't feel the pinch since the company works efficiently and has a tenant or property owner pay option.
Other features that make RentPrep a standout background expert include:
- Bankruptcies and evictions report
- Reports on any liens or judgment against the renter
- Resident score from previous landlords
You can get customized reports by paying RentPrep more. However, the more rental properties you own or manage, the bigger your discount.
MyRental
This screening tool is specifically designed with landlords in mind. The platform uses property management software to allow property managers to share reports about tenants. It's an ideal screening tool if you are reviewing applicants who are just from the neighborhood.
Like RentPrep, you have the pay option for either the property owner or the renter. The basic package starts for as little as $25 per applicant.
First Advantage
First Advantage contains some of the best tenant verification services by working with professionals certified by the Fair Credit Reporting Act (FCRA). The company will provide you with criminal records maintained with updated databases.
The company also goes through a review process to ensure no errors in the information provided. You will get a customized quote based on the services you need. This makes it ideal for first-time landlords who don't have a lot of tenants to screen.
Local Community Organizations
Local community organizations are an inexpensive way of conducting a tenant background check. The organizations available in your local community have a broad reach and can access information of anyone wanting to rent your property.
Neighborhoods, landlords, and even local police organizations can help you:
- Learn a tenant's recent history through first-hand experiences
- Get information on involvement in local crime reports
- Get insights about local community living standards
Relying on paid tenant verification services can take some time. So, if you have acquired property in the Springfield neighborhood, join the local community organizations to learn who you can trust quickly.
Get Tenant Background Checks Today
Conducting a tenant background check is the best way to protect your unit. Don't rely on gut feelings, instincts, or appearances when picking out tenants.
At Hunter Property Management, we take pride in helping our clients grow their businesses by making sound decisions. Contact us, and let us begin screening prospective clients for your unit today.
