4 Reasons You Should Be Screening Your Tenants
Did you know that 36.6% of households in the country are renters? This is according to the analysis of the U.S. Census Bureau data done by The Pew Research Center. This statistic includes adults from 45 to 64 years old, which have been known as the group that are less likely to rent.
Rent continues to grow across major cities in the country. As landlords, it’s understandable to want to find the best renters as soon as you can. But, you should never skip on tenant screening. Here’s why:
- Understand Your Future Tenant’s Financial Situation
A credit report is one of the things you should get when assessing future tenants. This will allow you to weed out people who will likely have problems paying their rent, utilities, and other dues.
Don’t just focus on the credit score. A full credit report gives you a complete picture of your future renter’s financial situation. Take a look at their credit history -or the lack of. How much is their outstanding debt? These details could help you decide whether you need to require a co-signer on the property.
- Keep Your Neighbors and Property Safe
As a landlord, you share part of the responsibility of keeping your community safe. Don’t put your neighbors -and property- at risk by failing to perform a background check on a possible tenant.
A 2015 research by an online credit report agency showed that 22% of tenants have a criminal history. With tenant screening, you will receive a criminal report, allowing you to make an informed decision on a possible renter.
- Avoid Evictions
Eviction procedures are costly and take a long time. Don’t make the mistake of getting an undesirable tenant who would have to be evicted from your property.
A background check could show an applicant’s eviction history and give you an idea about the likelihood of it every happening again.
- Lower Renter Turnover Rate
Performing a thorough background check is a deterrent against low-quality tenants who are only looking to stay in your property for a short period. A serious tenant who want to lease long-term wouldn’t mind undergoing a screening process.
Expensive evictions, conflicts with neighbors, damage to property, and delayed payments are a landlord’s nightmare. Thankfully, it doesn’t have to be yours.
Alert Checks helps you get quality renters with our tenant screening services. We don’t stop at providing credit reports. We can also provide criminal reports, verify personal references, and more. Call us at (866) 382-5378 or fill out our contact form to learn more about our services.