This is probably the first question that pops up with most landlords, How do we screen the tenants for placement. So here is the breakdown of our exact process.
The first piece of information we need to know is what their monthly income is. We need this information because it is our policy that their income is 3x that of the homes rent. We verify their income with their last 3 consecutive pay stubs.
Next we do a bit of investigation to find out what their rental history is. We first look to see if they have any previous evictions or outstanding debts owed to a previous landlord. We then look at their previous rental history. We are checking to make sure they do not have any negative comments, ie: smoking in the home, trashing the place.
All of these are major red flags
The next piece is a background check and credit screening. During the background check we are looking to if they have a criminal history, are on the sex offender list or on the national terrorist watch list. All of these are major red flags and most will disqualify a possible tenant. We then take a look at their credit history. We want to see that they pay their bills on time and have generally good or great credit.
Lastly we use good ol’ common sense. While we are showing the prospective tenant the home we have a series of conversations. Through these conversations we are getting a better picture for who they are and what type of renter they are. We ask questions such as, why are they looking for a rental? What does their rental history look like? What do they do for a living?
Lastly we do a nationwide criminal search
Here are some of the specific reports we run on each applicant. Like I explained before we run their FICO credit score. We pull their rental history from the Experian Rent Bureau. We then do a nationwide eviction search. Lastly we do a nationwide criminal search which covers Megan’s Law, Registered Sex Offenders check and OFAC Terrorist Watch List check.
As long as they meet all of these criteria we then place them in your home. If you have any questions or concerns about anything you have seen here today, please give us a call!