Posted by Ryan Howard on Tue, Jan 21, 2014
Property owners have to make background checks on their tenants in order to be successful. In multi-family units, neighbors are close enough to see each other daily. Tenant screenings are not only important to protect the business from non-paying renters but also to maintain the safety and security of the other tenants from potential criminals. When in the rental application process should you conduct the tenant screening? The short answer to this question is as soon as possible to get the prospective tenant moved in quickly and avoid the holding costs on an empty unit. It isn’t always so easy, however.
First impressions may give you a feeling about a prospective tenant but should you use your gut to consider whether you'd like this tenant in your property? Unqualified tenants could end up costing you thousands in legal actions, property damages and turnover costs. VeriFirst's quick screening of a possible tenant’s credentials and the ability to qualify for the rental can be used to filter through the numerous applicants before or after meeting in person for a more detailed application and interview process.
Which Tenant Screenings are Important
Knowledge, as a student housing or multi-family property owner, is power and peace of mind. Let's consider which tenant screenings will give you better than a gut feeling.
- Personal history
Also remember that it is legal in most states to charge a prospective tenant the cost of the screening fees. As long as you stay within the guidelines of the Fair Credit Reporting Act (FCRA), you are being fair to the tenant.
At VeriFirst, we can help you stay within your rights as a property owner and comply with the FCRA. Our screenings can be run simultaneously, saving time and money. The VeriFirst system allows joint applicant and guarantor background checks, and integrates with many of the leading property management software providers.
As a result, you get the right tenant qualified, quickly and affordably, ensuring maintained property, resident safety, and cost savings.
Topics: Tenant Background Screening