According to the Rental Protection Agency, the increasing growth rate of new renters means that about 2,654 individuals are entering the market every day. This means that it’s a great time to be a landlord. It also means that with more applicants to choose from, there is a greater need to have an effective screening process that helps landlords find the most suitable tenants.
As a landlord or property manager, tenant screening can often seem like a daunting process that swallows up time, effort, and money. It is essentially an individual risk evaluation from which you must find qualified, trustworthy tenants that will be a good fit for your property.
The truth is, it doesn’t need to be difficult or nerve-racking. The key is to identify your specific requirements early on, treat everyone equally based on those requirements, and utilize efficient online tools to help you get through the nitty gritty work.
By running this checklist, you can evaluate a prospective tenant within 48 hours and move on to the lease signing knowing that you have taken all of the steps to ensure you are welcoming a qualified individual.
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As you work through the tasks, the checklist will expand in accordance with how the screening process progresses.