Having the right tenant in place is the key to having a successful landlord/tenant relationship. There are a couple of things to keep in mind when looking for the right tenant:
- Knowing what you want
- Have a detailed screening process
The Application Process
Providing an application is the first step in the process to screen a tenant. Make sure that all adults who will be living at the property fill out an application and provide all the relevant information that you’ll need to effectively screen them. It’s important to make sure you have an application on file for every person over 18 who will reside at the property.
Checking and Verifying Credit Information
Once the credit report has been pulled for these individuals, you can verify all the information on it and make sure it matches the application. You would never want to have a tenant who has lied on the application or who was not completely upfront and honest about the information they provided.
Collecting Landlord References
A key step to take when trying to determine if a tenant is worthy to occupy your property is to check with past or current landlords. This could prove to be your best source of information regarding a possible tenant. You can ask about the tenant’s history of rent and whether or not they were continuously late with payments or on time. You can also find out how they kept the property and if there was any damage to it when they left. Talking to previous landlords can tell you exactly what kind of tenant you have applying to live in your home. No one would have better information or a better inside look at a possible tenant than a landlord who has dealt with that resident in the past.
Employment and Income Verifications
It is always important to conduct an income verification on any possible tenant wanting to rent a property. Collect W-2s, paystubs, or any other proof of income such as bank statements or tax returns. Knowing that a tenant has reliable income is crucial.
You can also contact an applicant’s employer. Speak to a supervisor and ask for information such as how long they have been employed at their current workplace, or how long the position is expected to last. This is a great way to know if the tenant is going to have a steady income available. Clearly you would not want to have a tenant with a history of short term jobs. You need to see evidence that the tenant will be able to pay rent on time every month. You want a tenant who will earn enough money to reliably pay the rent and bills for the property.
As professional property managers at Core Alliance, we believe that following these simple steps will make it easier for you to find a well-qualified tenant. And, you will be able to find out what you really want from the tenant. If you have any further questions about tenant screening in Northridge, please do not hesitate to contact us at Core Alliance Property Management.