Order of tenant screening procedure
I am in the process of looking for my first small multi-family property and am trying to be prepared for when I make my purchase. I am wondering what the general procedure is on finding new tenants. I know I should list requirements upfront in any listings, but at what point in the process do I verify all these things with a potential tenant?
For example, if I require a background check, former/current landlord references, employment/pay verification, credit check and eviction check etc..., would I do this before I show a potential tenant the property (not counting open houses), after I show someone the property, or maybe some checks before and some after.
Here is what I think the order would be:
- Place ad with requirements
- Possible tenant calls having seen said requirements
- Perform all necessary checks (having person pay for background and credit check)
- Person qualifies in all areas (or doesn't then you start over with new person)
- Show person the property
- Meet for lease signing (person brings 1st month's rent and security deposit at signing)
Part of me feels that maybe you show the property first THEN perform all the necessary checks but to me that seems like you'd be doing more work than you have to because some people will not even end up qualifying.
Anyways, if you guys can give me a rundown of the order in which you find tenants beginning with whatever listing you use, all the way to signing a lease with that person I'd have something to work with when the time comes. Thank you!