What's on your tenant screening checklist?
Finding the right tenant is key to successful investment property ownership. The tenant screening process should be consistently applied to all potential tenants and is analogous to the underwriting that all investors have gone through when seeking a loan. The Tenant Screening Checklist helps with applying the process consistently and completely. It starts by defining the criteria of an ideal tenant for each investment property. Those criteria are then messaged in your advertising and reiterated in pre-screening phone call with each potential tenant. Only applications completed in full should be accepted. Only potential candidates that meet the criteria should be selected for a background check. The background check should be used to independently verify the information the potential tenant submitted on the application. Employment verification and personal reference checks further validate the information supplied by the tenant on the application.
What’s your Tenant Screening process? Do you use a checklist?