Tenant Screening Secrets: What's Your Magic Formula?
Managing a rental can be as tricky as a high-wire act, especially when it comes to picking the right tenant!
A friend of mine, who not only manages but also lives in his triplex, is about to face a vacancy.
He's considering a strategy that includes a 3x income-to-rent ratio, pricing the rent $100 below the market, and stringent background checks (no felonies or evictions in the past decade, and no pets).
What do you think? Is he on the right track, or is there more to the tenant screening equation?
What criteria do you rely on? Have you ever made exceptions to your usual screening process? How did that turn out?
Do you emphasize a positive and verifiable rental history, or are there other 'must-haves' or 'deal-breakers' you swear by in your screening process?
Dive into the details—I'm all ears for your screening strategies and stories!
Quote from @Colleen F.:
@Melanie P. if you intend to talk to the company make sure the tenants signed release covers that, you might have to send it to them. I have called employers and most say very little.
Naturally. We collect a paper application form from them that has a signed release for everything they put on the form. We rarely have to provide it. You should go in less formally. When you call in ask to speak with Joe Applicant's Supervisor. If the supervisor wants a release we say, "could you please ask Joe? it will speed up us getting his new home approved. He said he really wanted this apartment." If you have to email you have to email but you can usually get it done in one phone call.