Tenant verification is important for every property owner in order to determine if the prospective tenant will make timely payments, take care of the property, be considerate of the neighbors etc. In addition to this, tenant verification helps to ascertain the identity of the tenant. Tenant verification can be done by conducting a background check, phone verification, etc.
Let us take a look at some reasons for which it is important for property owners to screen tenants prior to signing a lease contract:
- Protect Your Property: Tenant screening is an important step that every property owner should take to protect his property from dropping its value. The choice of tenants will determine the way the property will be treated and the amount you will have to spend on repairs and maintenance.
- Safeguard Yourself: Before entrusting your rental property to a tenant, you should conduct a screening process to determine whether you can trust him and stay away from any lawsuits.
- Know The Tenant’s Financial Situation: An essential part of tenant screening is reviewing a tenant’s credit report to gauge his credit score and determine the debt-to-income-ratio.
- Avoid Liabilities: Thorough screening reduces the property owner’s expenses due to sudden evictions, the default of agreement, and expenses arising due to lack of responsibility by a tenant.
- Full Criminal, Credit And Eviction Reports: Tenant screening helps a property owner get a potential tenant’s full criminal history, credit history, and eviction reports. These results are vital for determining whether a tenant is worth considering or not.
- Know The Applicant’s Payment History: Information about an applicant’s payment history can be gathered from previous employment and landlord references. Landlord references let you know about the applicant’s track record of paying rent whereas, reviewing the employment history confirms whether the applicant earns enough to afford rent every month.
- Prevent Future Evictions: Eviction processes can be quite lengthy and expensive, so it is suggested to avoid them by conducting a screening process that involves learning about an applicant’s eviction history, if any. This can be done by studying credit reports or an actual eviction report that includes the exact reasons for eviction.
- Peace Of Mind: If you want your rental property to be rented to a tenant who will pay rent on time, handle your property carefully, demonstrate responsibility and be kind to neighbors, you should be consistent with a thorough screening process. This will ensure you a quality tenant resulting in peace of mind as the owner of the property.
Lone Star Realty & Property Management, Inc. offers property management services to its customers. The property managers provide services such as thorough tenant screening, property maintenance, etc. To know more about why every tenant should be verified by the property owner, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at (254) 699 – 7003.