Tenant Background Checks Decrease Tenant Turnover
Empty properties do not generate revenue, thus when the time comes to find new tenants for a rental property, property owners and managers are understandably anxious to speed through the application process so they can get new people paying rent right away. In their haste, they might be tempted to cut a few corners. If the potential renters seem like decent people during their interviews and are able to put up the required deposit and first month’s rent, it would be an easy thing to let slide something like a tenant background check. According to Problem Rental Solutions, a property management company, “Many people feel that they are able to judge a book by its cover, but this could lead to problems going forward.”
Don’t be one of those property owners that gets suckered into thinking you are able to tell by a quick conversation with someone whether he or she is a suitable renter. There are perfectly amiable people in this world who simply are not good at meeting deadlines or making payments. A tenant background check takes the guesswork out of the equation. Good tenant screenings should include some combination of the following services:
- Credit report check
- Criminal record search
- Eviction search
- Verification of landlord references
Each of these screenings provides a look at a different facet of an applicant’s renter profile. Completion of a thorough background check will add a little time to the application process, but the effort is worth it if it means you are able to discern the good renters from the bad. Tenant background checks also help decrease turnover as unsuitable tenants likely to break contracts or become negligent on paying rent are weeded out at the very beginning. Besides these monetary benefits, you’ll have the added emotional certainty that you’ve done all you can to make sure your tenants are honest, law-abiding citizens.