There are a lot of different ways you can screen applicants that apply to rent apartments that you own, but there are some techniques that are better than others. If you are a landlord and are looking for the best screening techniques, here are three critical steps you should take when screening anyone that applies for an apartment that you own.
Complete an income verification on the applicant
One important part of screening an applicant is verifying the person's income. As the landlord, you will want to know where the person works, how many hours he or she works, and the amount of income the person takes in each month. To find this out, you could trust the information the tenant provides on the application, or you could find out for yourself. If you want to verify that what the applicant is saying is true, ask him or her to sign a waiver that allows you to conduct income verification. When you do this, you can speak directly to that person's employer and find out for sure if the person really makes the amount of money he or she is saying.
Contact past landlords
One of the best ways to screen a person is to talk to that person's previous landlords. A conversation with a previous landlord can reveal a lot of information about a tenant, and this can help you determine if you should approve the application or not. A previous landlord can tell you whether he or she was happy with this tenant and if he or she would rent another unit to the person if the need arose in the future.
Run a credit check
It is also important and critical to run a credit check on a person. While this will not reveal every debt the person has or the amounts he or she pays for bills, it will tell you if the person is considered creditworthy or not. A person who is considered creditworthy will probably pay his or her rent on time each month, which is why it is important to find this out before approving an application.
By taking the time to perform these three screening techniques, you can learn more about the person who is applying for one of your apartments. If you need assistance with the screening process or do not have time to do it on your own, hire a property management firm for help. For more help, reach out to a company such as Sunset Property Management today.