Did you know that nearly 44 million people rent in the United States? With so many renters in the market, you must have a good tenant screening process.
Why is tenant screening in Kansas City so vital? This guide breaks down some of the most important reasons.
Credit Score
One of the first things a background check may look for is someone's credit score. This measures how reliable someone is when paying bills on time. It also gives you an idea of whether someone has any type of financial debt.
In the United States, the average credit score is 714. Considering that credit scores can range from 300 to 900, it is safe to say that a landlord likely wants to see tenants have a credit score of over 700.
If there is a low credit score, such as 500, that may be a sign that a potential tenant is not reliable when it comes to paying for things such as rent. Search for this and decide the lowest credit score you will accept in advance.
Proof of Income
Another thing that you will want to look for during the tenant screening process is proof of income. This is important because it is a good indicator of whether a potential tenant can afford your rent.
Let's say that you charge about $2,000 per month for rent. If someone shows you that they only make about $2,500 per month, they likely are stretching their finances too thin to rent your apartment.
However, showing any sort of income may still be a positive sign. That is because one of the biggest reasons people may stop paying their rent is that they suddenly become unemployed. Asking for proof of income can protect you from some of these possibilities.
Criminal Record
Something crucial to look for during the tenant screening process is if the potential tenant has any sort of criminal record. This can impact not only the status of your rental property but also how safe your other tenants feel in the apartment.
Does the tenant have a record of stealing? How about any violent crimes? Are they a registered sex offender?
These things can put your apartment and other tenants at risk. For the latter, it may result in some tenants deciding not to renew their leases if they no longer feel safe in your apartment building.
Check for this information to ensure your future tenants do not have a violent past.
Have an Efficient Tenant Screening Process
These are some things you need to look for during the tenant screening process.
First of all, you want to ensure that the people renting your apartments have the money to pay for them. That means checking things such as their credit score and proof of income.
You also have to make sure that any potential tenants have a clean criminal record. This is to make sure your physical apartment remains secure and that other tenants feel safe.
Do you need property managers to help you with this? Message PMI Fountain City here today.
