Tenant screening is the most important part of owning a rental property because it’s what’s going to ensure that you choose the most qualified people to live in your rental properties.
Sadly, many landlords make common tenant screening mistakes each year that end up costing them money, time, or the hassle of having to evict problem tenants.
Thankfully, in this article, we’ve listed some of the most common tenant screening mistakes so that you don’t make these mistakes with your rental properties.
Mistake #1 – Not Reading A Tenants Credit Report
Pulling a tenant’s credit report is a vital part of the tenant screening process because it shows a complete picture of the financial decisions that they’ve made over the last several years of their lives.
Keep in mind that people are more than just their credit score; this is why it’s important to read their full credit report.
You may find that even though the prospective tenant has a lower score due to an unpaid bill, they pay their bills on time each month, and would be a tenant that you could trust.
Mistake #2 – Not Verifying References
Even though you may be eager to rent your property it’s always important to verify references during the tenant screening process because, in this day and age, it’s easy for people to use the internet to create fake references.
Always use Google maps to verify an employer street addresses, and online tools like reverse phone number lookup, to confirm that the person you’re speaking to is an actual professional reference and not just one of the tenants’ friends.
During the process of verifying a tenant’s references, you may find that they’ve moved frequently, in these cases, it’s important to confirm why the tenant moves often because they may have moved friendly due to their job, instead of poor lifestyle decisions.
Mistake #3 – Not Screening Tenants At All
Last of all, but most important, another tenant screening mistake that you don’t want to make is not screening tenants at all.
This is important because you may be eager to fill a vacancy at your rental property and are willing to approve tenants without screening them, but the reality is that you could end up renting to a tenant who creates more problems than you could imagine.
To save the hassle of screening and placing tenants at your rental property yourself, it’s best to hire a property manager.
Contact GoldenWest Management
At GoldenWest Management, we specialize in tenant screening, placement, and a full suite of property management services so that you don’t have to manage your rental property yourself.
For more information about our tenant screening services, or to speak with us about managing your rental property, contact us today by calling (866) 545-5303 or click here to connect with us online.
