When accepting a rental applications take some simple steps in tenant screening to save time, money and agony. Be sure the following information is collected on your rental application.
1. References: Require your rental application to ask for references both personal and rental references for at a minimum of the past three years. Checking this information can easily provide information into the type of person you are dealing with.
2. Income and Employment: The tenant’s monthly income should be three times the monthly rent Meaning: If the rent is $500 per month, their income should be $1500 per month take home. Verify their income is a permanent source and not part-time or temporary. If there is a roommate situation property management agents require each tenant to qualify financially with their own income. Management companies have varying policies for income qualifications and should be clearly spelled out in your contract agreement.
3. Evictions: Each tenant should have a clean record. If there is an unacceptable record refuse to rent to them. Period. Make a firm policy and apply it to all tenants without question.
4. Criminal Records: Always check a tenant's criminal record. If there is an unacceptable record refuse to rent to the. Period. Make a firm policy and apply it to all tenants without question.
5. Identification: Have each tenant produce a photo ID such as a valid driver’s license and a valid credit card or preferably their social security card. Obtain a clear photocopy of each piece of ID for your records. Why? As the property manager there is a genuine need to obtain a photo of the person(s)occupying your property. Without a photo ID you may not recognize the person(s) who initially applied to rent your property and if there comes a time for say an eviction, you will need to know what each tenant looks like to have them both legally and easily served or to locate them in a courtroom setting.
6. Collections: Check credit reports for bad payment history, tax liens, collections, derogatory or disparaging remarks, or type and number of late payments. Ideally, the credit report should be clean with no late payments and no collections. Medical issues are also listed but may or may not have any real influence on their true credit history.
7. Verification: Verify that each person moving into your rental is the same person you received an application, credit report and were screened for occupancy. Refer to the identification material for additional verification.
8. Sex Offender: Each applicant should be checked out on the states list as a sex offender or predator.
Each adult that will occupy the property must sign the lease agreement. This should be done together and before anyone is given permission to occupy the property.
For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/
Mountain Ridge Property Management
Your Property Management Source
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