ICC PROPERTY MANAGEMENT’S TOP 8 TENANT SCREENING TIPS

Finding the best tenant is a time-consuming process because it involves screening tenants in many and numerous ways. ICC Property Management states the process may include interviews and background checks, income verification, and references. And this work multiplies when you consider how many tenants apply for the same property. However, if you want to make sure you get the best tenant, it’s important to screen every candidate thoroughly before allowing them to sign a lease.

ICC Knows The Benefits Of Having Good Tenant Screening Criteria

• Establishes equal screening criteria for use with every potential renter
• Streamlines the screening process
• Provides a defense in a discrimination claim
• Provides a better chance that you select a tenant that will pay rent on time, follow rental terms, and take care of the property.

Here Are ICC Property Management’s Top 8 Tenant Screening Tips:

 

• Pre-screen Applicants By Phone Whenever Possible

Many potential applicants will call and ask questions before coming in to fill out a rental application. While on the phone, ICC Property Management personnel advise you to ask them a few questions to make sure you don’t waste your time or theirs.

• When do you need a place?
• Why are you moving?
• Have you given notice to your existing landlord?
• Do you smoke or use tobacco products?
• Do you have any pets?

 

• Be Sure To Review The Rental Application

And ask any additional questions that may not appear on the rental application. Some questions ICC Property Management recommends to ask include:

• How many people/vehicles will be at the premises? The greater the number of occupants in the unit, the greater the noise and wear and tear on the unit.
• If the application shows several prior addresses or spotty employment history, you may have a tenant who could be gone in 3 months. Ask them to explain the circumstances of moves and job changes.

 

• Ask For A Valid ID

Someone with a questionable past might try to falsify information on his or her rental application. ICC Property Management says you can prevent this if you make a copy of their driver’s license or photo ID to verify their information.

 

• Run A Credit History

If a person is responsible for paying their bills, there is a strong chance they’ll pay their rent on time.

ICC Property Management advises that Running a credit history can provide you with a more thorough assessment by looking at how much debt a person has, the number of missed or late payments, and the presence of a bankruptcy on the record of someone you could enter into a tenant-landlord relationship.

 

• Conduct A Background Check

The background check will give you a detailed report of the tenant’s past, according to ICC. Review the background check report for criminal records, lawsuits for unpaid financial obligations, or prior evictions.  All of these are indications of a pattern of non-payment.

 

• Do An Internet Search For References

ICC Property Management cautions to beware of using the phone numbers for employer and landlord references provided by the prospective tenants. If the prospective tenant is trying to falsify their rental application, they could be offering you the phone numbers of friends or others that are pretending to be an employer or landlord. Look up the company and or landlord on the Internet and call that number.

 

• Contact The Prospective Tenant’s Employer & Ask For A Paystub

Verify that the tenant has a current, steady, reliable income source before allowing the tenant to sign a lease, advises ICC Property Management. 

Ask the prospective tenant for their most recent paystub.

Talk to their employer and see if you can get a sense of whether the tenant is a reliable employee. Confirm their length of employment.

 

• Check With Previous Landlords

ICC personnel try to get a sense of what type of tenant they were. Did they ever pay their rent late? Were there any complaints about the tenant? Were there any damages to the property when the tenant left?

ICC Property Managers know that when an inadequate and improper tenant selection process is in place, it results in higher tenant turnover rates and lengthy and bothersome disputes or evictions.

An experienced Greater Toronto property manager, like ICC Property Management, can provide expert guidance to help you find the best tenants while minimizing your risk. Contact us today.