The current state of the country is a challenge for landlords. Did you know that more than five million tenants are behind on rent?
Renters in Salt Lake City are struggling with rising costs due to inflation. Wages are not growing as fast as the cost of goods and placing pressure on their budget.
There are other challenges for landlords like criminal history and prior evictions. The good news is that a thorough background screening can identify these issues before a rental agreement is signed.
Read on to learn how a tenant screening checklist can help you identify quality renters.
What Items Are on a Tenant Screening Checklist?
There are many characteristics that make up a good tenant. Finding tenants is about selecting people that are likely to pay the rent on time and take good care of your property. Below are the application criteria that will help you identify high-quality tenants:
Criminal History
Smart money is on avoiding tenants with a criminal background. You should check out each applicant's rap sheet to see if any significant crimes are on it.
Has the applicant served jail time? Do they have a history of theft, domestic violence, or other violent crimes? These are red flags that should be avoided at all costs.
Credit History
For many property owners, rental income is a critical revenue source. They need this money to pay their own personal bills.
This means it is important to find tenants who pay their bills on time. Credit history gives a detailed look at an applicant's payment history.
Do they pay their auto loans and credit card bills on time? Are there any accounts in collections or delinquent status?
Has the applicant recently declared bankruptcy? The answers to these questions shed light on how reliable the tenant will be.
Employment History
Having a good job goes a long way when identifying high-quality households. Gainfully employed tenants are more likely to care for your property and make timely rent payments.
You should ask for a prospective tenant's employment history. Here, you can see how long they can keep a job. You will also learn more about their income and whether your property is affordable to them.
Renting History
Tenant screening should include a look at where they lived in the past. Request the name and contact information of prior landlords. It is a good idea to give their old landlords a call to learn more about them.
Also, see if there is any history of eviction. Entering into a rental agreement with someone with an eviction history may not go well.
Your Guide to Tenant Screening
You are now ready to properly screen your rental applications. This is a critical step in the tenant identification process. It is not wise to accept the first tenant that shows up on your doorstep without screening them.
If you want to learn more about the tenant screening checklist, contact us today to speak with a professional.
