Are you renting out your home? Here are some ways you can screen your tenant before accepting them!
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Landlords know that there are a dozen potential tenants occupying their rental apartments, but that doesn't make them ideal tenants who will honor their rental agreement and not cause a dispute. Too many rental property owners have learned the hard way that not screening potential renters is a recipe for disaster. You've ended up with sedentary tenants paying no rent, doing excessive damage to the property, and being a nuisance to the neighborhood. Getting rid of them is not that easy and requires lengthy legal proceedings and legal fees. The best solution to this problem is not to get into such a situation in the first place. Landlords can do this by effectively screening tenants before entering into a lease. Here's how:
Establish fair criteria
Many landlords feel comfortable, up to the tenant check qualified real estate management in Chattanoogasuch as Evernest, Lansford Realty & Property Management, and Kent Property Management, LLC. These are local businesses, although some property owners choose to work with larger firms like Bozzuto and Morgan Properties. Evernest prides itself on providing a world class property management service while staying on the pulse of the Chattanooga rental market. It also has offices in Nashville, Memphis, and Murfreesboro, and operates in other states such as Alabama, Mississippi, and Colorado. Evernest's skilled agents are experts in tenant screening and know how to find ideal tenants. The screening of tenants begins with a predetermined list of criteria with the aim of finding a tenant who meets all the criteria. The Fair Housing Act prohibits discrimination against tenants based on race, religion, disability, marital status, state of origin, and gender. Therefore, these cannot form criteria for shortlisting potential tenants.
Determine employment status and income
Landlords have the right to ask an applicant's pay slips to see what they earn as it plays a crucial role in deciding whether they can afford the rent. Property owners can verify this information by calling a prospective tenant's employer to ensure they have provided accurate information on their application form. If an applicant was only employed in his current position for a short period of time, e.g. B. less than three months, landlords can apply Contact details of previous employers. Prospective tenants should also list other sources of income, such as maintenance or child benefits, old-age or capital income, or court-ordered awards and receipts as evidence. As a rule of thumb, a tenant should earn two to three times the monthly rent to be affordable. If the rental bill exceeds half of their take-home salary, landlords should exercise caution as it may not be enough to pay the agreed amount.
Perform financial reviews
Renters should list any judgments against them during the application process, including liens, civil orders, foreclosures, and bankruptcy. This information could affect their ability to pay the rent and is therefore valuable to a landlord. Most landlords require a breakdown of an applicant's expenses to see how much income is left after fulfilling other financial obligations. A credit check is also advisable as it gives a picture of how indebted a prospective tenant is. Sufficient income will not help if the person is spending most of it to service outstanding debts. A Applicant's credit history is also an accurate predictor of how they will handle debt. Anyone who has several outstanding debts that they fail to meet tends to be just as irresponsible with their finances.
Disclosure of the criminal record
Landlords can refuse to accept tenants with criminal convictions. Prospective renters are required to disclose their criminal records on the application form, although Chattanooga landlords are encouraged to help themselves with the verification. When evaluating the criminal record before taking over as a tenant, only convictions count. Arrests, dropped charges, and pending lawsuits cannot be used to deny a request.
Conducting job interviews
An applicant may seem perfect on paper, but it's important to meet them in person before signing a lease. Many Chattanooga landlords rely on interviews to make final decisions regarding tenants.
Some schools of thought believe that only 7% of communication is verbal, the rest comes from a person's body language, voice tone, or volume and facial expression. It is only possible to read these if you meet in person. An interview is a final element in determining the suitability of a prospective tenant.