How do people do background checks on potential tenants?

6 Replies

Take a look at RentSmart on rentsmart.net. This property management software is marketed as "low cost" compared to others. I received a tutorial on it during a virtual REIA meeting and it appeared to be simple and functional. My understanding is that tenant screening is an additional charge of $40-$50 as required. I suppose you can transfer that cost to a potential tenant in the form of an application fee.

@Scott Raynor Whichever platform you choose, I suggest paying attention to what kind of credit check the service runs. A "hard inquiry" will ding your applicants credit score, which is tough if it's a property in high demand and they'll have to put out a lot of applications. A "soft inquiry" gives you the same information, but doesn't impact the applicant's credit score. There's really no reason as a landlord to use a hard inquiry, so be sure to check on what your service does!

Here's an article with more info if you're curious: https://innago.com/hard-vs-sof...