As a rental property owner, it is your main priority to place high-quality tenants in your property. Choosing the wrong tenants can cost you thousands in property damage, eviction fees, and back rent. However, screening tenants can be time-consuming and confusing. There are many considerations to keep in mind. And the myths that surround the screening process will make it even more confusing. That is why most landlords opt for experts in property management in Glendale, CA to do this job for them. Being aware of these myths will prevent you from buying into them. These include the following:
You Must Trust Your Intuition When Choosing Tenants
Even if you have a strong gut feeling, do not assume that the information an applicant has provided on their application is accurate and up-to-date. Keep in mind that you will be choosing a person to live on your property for a long time.
Screening tenants will help you verify that gut feeling and save you money and stress down the road. When screening possible tenants, verify their income, financial history, criminal record, and eviction history.
A High Credit Score Guarantees Tenant Quality
Although a credit score will tell you how financially responsible a possible tenant is, it does not tell the whole story. A high score does not guarantee that you will end up with a respectful and responsible tenant. You can get a holistic view of a person’s financial background by getting a full credit report. The report will give information about payment timelines, open trade lines, credit inquiries, student loans, and mortgages. Such information can help you judge if a potential tenant can pay the rent on time every month.
What Matters is that the Person can Pay Rent
As a landlord, your main concern is to have non-paying tenants. Understandably, payment issues pose a significant problem to the survival of your rental business. However, paying attention to just the ability of the applicant to pay rent during the tenant screening process can have you missing out on other essential tenant red flags. Aside from the financial history of an applicant, you also have to consider their eviction history and criminal history.