Background Check and Screening of Tenants Made Easy
Running a background check on a prospect tenant is a standard operating procedure and is by no means offensive. Everybody undergoes it so you don’t have to be awkward should you tell your tenants to give you time as you assess their background.
After having able to explain the mechanics of the background check, it would be quite laborious to do the task yourself. This is where software and third-parties come in to the picture. With them, background checks would be no sweat. You’re going to get the laborious process off your shoulder and you can allocate the extra time you’re going to spare on something else rewarding. Come to think of all the time you’re going to use up in doing all the checking and what not. Imagine converting them to spare time. What more things you can do with it? Perhaps you can spend it on finding more tenants or brainstorming with your staff on how to improve the community. Time is more than gold. If you can get other to do an arduous task at a reasonable price, then let them do it.
As to the software, much of them are downloadable from the worldwide web. They analyze existing private data held by credit account companies, as well check the person’s skills and, personal and criminal records. The results are delivered via email or fax just a couple of hours after submission. Information you can obtain from these software include bankruptcies, unresolved cases, payment records, repossessions, history of violence or anything in the same string, then the tenant might not be as good as he looks like. You can also get a copy of a prospect’s former residency and bank records.
Should you see any suspicious information about a tenant, ask for their side right away before you decide whether to accept or reject the application. It would be rude to just cast them off the list right away without knowing their story. However, you have to analyze his position thoroughly and see if his occupation will not cause an upheaval in the neighborhood. While getting new reliable tenants are important, the feelings and safety of the other tenants is also something you have to consider. You might gain a new tenant and managed to fill the vacancy, but it will be even-handed by the loss of more renters as they get threatened by the possible threats brought about by the new neighbor. This is not good for business.
On the other hand, a comprehensive and reliable manual background check takes a while. It undergoes processes of several agencies before it gets approved. Based on what is called threat rating categorized as low risk and high risk, you can decide on whether to admit or reject a tenant.
After the multi-staged screenings, you’ll receive the so-called tenant credit check. This speaks of the person’s ratings in the processes undergone. There’s also a fat chance to acquire information related to his earnings and several other statuses from the tenant credit check.
A good credit score is a good thing. It means that the prospect has a better chance of getting the property. Otherwise, you will have to explain to him why his application is rejected.
