Why Are Tenant Screenings Important?
Tenant screenings are a process used primarily by landlords and property managers to evaluate prospective tenants. The purpose is to assess the likelihood the tenant will fulfill the terms of the lease agreement.
In order to create a truly efficient tenant screening process. You need to have a way to measure your results. In fact, many landlords miss out on the important aspects of tenant screening.
By creating a tenant screening checklist, you can make sure that nothing is left undone! And that you are optimizing each step of your process in order to protect yourself and your property.
Elements to include in your tenant screening checklist:
- Minimum criteria for renters
- Questions to ask potential applicants
- Rental application processing
- Reach out to the employer
- Contact prior landlords
- Analyze the credit report and background check
- Select the best applicant
- Adverse action notifications
- Onboarding the new tenant
Do You Have A Tenant Screening Checklist?
To ensure that you continue to improve your tenant screening process, you need to have a way to measure your results. Track days listed, marketing costs, repair costs. Why? In order to find out how well your tenant screening process is working, then adjust as necessary.
By implementing a tenant screening checklist that you use for each and every potential renter, you’ll protect yourself from charges of discrimination or unfair practices. This can save you both time and money and help you to defend yourself in the event of threatened legal action.
In addition, you may want to use a video messaging platform to provide updates, instructions, and onboarding information. This can save you time, increase engagement, and promote better communication between you and your new renter.
Are you in need of help managing your tenant screenings and rental properties? If so, get in touch with us at My MVP Property Management today.