If you’re thinking of becoming a landlord, there are a few key practices you’ll need to become second nature in order to make your investment profitable. They are: Have an understanding of your local rental laws. Make a maintenance plan. Get proper insurance. Have a background check provider. Have a thorough, researched rental agreement. Understand…
In a previous post, we covered two keys to making the most of your initial introduction to a tenant. The tenant screening process begins even before your first meeting and continues when you first meet the tenant to show the property. It is important to take the insights you learned in this opening stage with…
Landlords, real estate agents, and property managers all know that when it comes to filling vacancies, they must not allow the pressure to find tenants overshadow the importance of choosing wisely. Troublesome tenants represent an unknowable loss of revenue not only in the form of unpaid rent or property damage, but in the time spent…
Earlier this week, the Federal Trade Commision issued new guidance to companies and individuals who screen potential tenants to help them comply with the FCRA. What Landlords Need to Know There are necessary steps to take before getting a consumer report, and after taking any type of adverse action based on the results of the…
You have a property that is going to be vacant in the very near future so saying you need a new tenant as soon as possible would be an understatement. Without a new tenant all of the costs involved in paying for the property falls squarely on your shoulders. But before you make a rash…
Fair housing laws are passed to help eliminate discrimination based on race, color, religion, familial status, disability and in some cases age and sexual orientation. As a landlord being aware of fair housing laws is not a recommendation it’s an absolute must. How can you protect yourself from facing the unsavory charges of discrimination? One…
From time to time we get email updates from our good friend Larry Henry. Larry Henry is one of the best if not the best attorneys in our industry. Below is an update that he recently sent to us about Tenant Screening laws. Enjoy.. Recently the states of Washington and Oregon have enacted laws that…
Importance of Background Checks Tenant Screening One of the most unpleasant duties for an apartment landlord is to evict a tenant. This is a process that costs a lot of time, effort, and money. Although nonpayment of rent is a popular reason for eviction, it is not the only one. Destruction of property, excessive nuisance…
The 4 corners of tenant screening consist of a Tenant Credit Report, Criminal Record Search, Eviction Search and a Scoring Model. Most property managers know that they should pull credit and search criminal and eviction data but a lot of managers don’t use a scoring model. The scoring model with tenant screening is very important and…