Property Management Blog

Chesapeake Property Management: How to Screen a Tenant

KRS Holdings - Monday, February 29, 2016

Owning and renting property is a great investment, but it's not without its challenges. Finding the right tenant to rent out your property takes careful consideration. Consider these guidelines offered by Chesapeake property management professionals before you enter into a contract with anyone.   During the application process, it is important to pay attention to any important information fields a prospective tenant leaves blank, as this can often be a red flag. If a prospective tenant doesn't offer information such as employment or tenant history or fails to provide references, you may be better off pursuing other applicants. Make sure the applicant's income is enough to cover the rent and normal living expenses. It may help to request pay stubs or proof of direct deposit to get an overall understanding of the applicant's financial stability.   When meeting your prospective tenant for the first time, pay attention to their demeanor, as it is often an indicator of future dealings. The applicant should attempt to be polite and respectful, which will likely mean that they are prepared to take on the responsibility of renting and the various challenges that come with it.   If you run a credit check on prospective tenants, collect the screening fee beforehand. A credit check details an applicant's credit history for the past seven to ten years. While a credit check won't give you a crystal-clear vision of who an applicant is, it can be a valuable tool in helping you decide whom you will entrust with your property. A background check is another useful tool that you can use to research a prospective tenant's eviction history, criminal records, and any lawsuits that may be relevant such as a legal dispute with a former landlord.