Tenant turnover is something that every landlord must expect, but high tenant turnover is a different story because the reality is that high tenant turnover is a sign that one thing is missing from the first contact with a tenant, to when they actually move in.
Tenant screening is the missing link because, without this crucial part of the property management process, it’s possible for a landlord to choose an unqualified tenant who may be a nightmare for the landlord, and ultimately leave the rental property in a state of disrepair.
Tenant Screening Tips for Landlords
Even though many landlords excel at tasks like rent collection or maintenance, tenant screening is often one thing that they are not doing well enough.
Thankfully, tenant screening doesn’t have to be a complicated process for landlords, especially when they follow these tips:
Tip #1 – Follow A Written Screening Criteria
Before screening tenants, every landlord must develop a written criterion, and stick with it, because following unified screening criteria will eliminate chances that some renters can come back later and accuse the landlord of bias because one renter was approved for a property versus the other.
Tip #2 – Always Verify Income Sources
Every landlord wants to know that their tenant can pay rent on time each month and the only way to have that peace of mind is by verifying a tenant's income sources.
Sadly, some tenants may try to create fake pay stubs and use other methods to produce fake income sources so landlords should also request at least 3 months’ worth of tenant bank statements.
Tip #3 – Think Like a Detective
Besides using the above tips, landlords should also contact a renter’s job and past rental references to learn more about the character of the tenant they plan on renting to.
This step is important because a little research, and checking a renter's social media profiles, could save a landlord the time, money, and hassle of renting to a troublesome tenant.
Contact GoldenWest Management
Let’s face it, being a landlord can take a lot of work, especially when you consider the time involved in tenant screening.
The good news is that the team at GoldenWest Management is here to help.
We have decades of combined tenant screen experience, and this ensures that the most qualified tenant will be screened and placed in your rental property.
To learn more about the property management services we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
