Tenant screening is arguably one of the most important aspects of having a successful rental experience. Finding and leasing to the wrong tenant can be disastrous, costly and time consuming. We are contacted after a poor experience has been had by a client who opted to rent their property out themselves. Tenant screening 101 – What we do to ensure great tenants!
They centre around 4 key criteria that we look for that help filter tenants effectively. Here are the basic principles to proper tenant selection.
1. Previous tenancy history: Checking and corroborating with the previous landlord and asking questions. We want to know how the experience was, why the tenant is moving, how was the rent paid, how much and was there a delay? These are just some of the things we want to hear prior to leasing.
2. Credit Checks: We can’t stress enough running credit is essential and a mandatory step in ensuring physical due diligence for potential tenants. Credit checks show all kinds of pertinent information for consideration. Things such as employment information, collections, bad debts, judgements can all be revealed. Even outstanding balances on current credit lines. This gives a very insightful look into the applicant’s overall credit health.
3. Gainful employment: Is the tenant employed currently? Have they just started? Can this be verified along with the income stated in application? Is this a company that is easily searchable or reputable? These are important questions to verify for the tenant selection process.
4. Financial disclosure: This is sometimes a needed step, this is to provide additional information that might be needed to support the application. Another often situation that occurs is when the tenant may be self-employed, which requires this kind of scrutiny in order to pass muster.
These four points are just some of our many ways to insure a great tenant selection process.
More information about this and much more with regards to tenant selection can be had by calling Baxter at 604.209.0081 or emailing baxter@vancouverluxuryrealty.com!
Check us out below for more information on how our services work! Follow the Filer Welch Group on our instagram page, for all of the latest.
Tenant screening 101 – What we do to ensure great tenants!
Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Baxter Welch for your convenience.
