Tenant screening is a vital part of residential property management. However, it can become a time-consuming, difficult task best left in the hands of a professional property management company.
A reputable property manager understands the importance of a comprehensive applicant screening process in yielding a quality tenant who will take care of your home, has a good rental history and will not pose a risk to the neighborhood.
| Read More: 6 Benefits of Hiring a Property Management Company |
What is included in a comprehensive applicant screening?
A good tenant report involves more than just the rental history of a potential applicant. It should also include the following:
- Criminal Record Check This is not only for your own safety but also for that of your neighbors and other tenants.
- Credit History A good credit history is one of the most accurate indicators of a quality tenant. Those with a high credit score are usually more likely to pay their rent on time.
- Eviction History It is possible to determine if your potential tenant has a history of evictions by checking rental references. Requiring applicants to provide these references is a quick way to avoid any future problems.
Importance of Applicant Screening
Taking the time to conduct a thorough tenant screening will lower your risk of losing money on a rental property and ensure prospective tenants are reliable and responsible.
This process is important for many reasons including:
1. Correct Information
Comprehensive applicant screenings help you identify whether or not a prospective tenant is trustworthy. Such reports usually include
- Credit history
- Rental history
- Criminal record
- Previous tenant history
- Eviction history
Such information will help you make a more informed decision about whether the applicant meets the requirements of a valuable tenant.
2. Lowered Risk
Knowing in advance about a potential tenant’s past behavior can help you discover any conspicuous issues with an applicant’s history. Applicant screening services also provide you with the assurance that they will make on-time rental payments.
By identifying high-risk tenants in advance, you decrease your risks of having to manage evictions and other misconducts in the future.
3. Easier Process of Rental Application
With applicant screening services, you can eliminate burdensome paperwork and time-consuming procedures that slow down the entire application process.
It enables you to obtain quick information pertaining to all the data of the applicant, allowing you select the right tenant easily and swiftly.
4. Higher Tenant Retention Rates
A comprehensive applicant screening process can help your current tenants feel comfortable knowing that their neighbors have been thoroughly vetted. This feeling of safety will inevitably lead to higher tenant retention rates and minimize your vacancies.
How Baglien Property Management Can Help
A common problem many DIY landlords face is not having the essential resources or knowledge to properly screen potential tenants.
Hiring a property management company such as Baglien can help you:
- Understand the many tenant-landlord laws
- Abide by the Fair Housing Regulations and guidelines
- Know what questions to ask and not to ask a potential tenant
- Perform rental history, criminal background, and credit history checks
| Learn More About Our Residential Property Management Services in Calgary |
Call Today
To find out more about how our professional property managers can help with the applicant screening process, contact our office today at 403-800-0330.
