In our opinion, proper tenant screening is the single most important aspect of property management. While a bad tenant will drag you down financially and even emotionally, a good tenant will be an asset to you, and help you to ensure the success of your real estate investment. Good tenants pay their rent on time, report any maintenance issues promptly to management and take care of your property as if it were their own.
We use the following criteria to qualify our tenants.
- Applicants must have at least one year of rental history.
It’s important that we see a track record of residency during which all of the lease terms have been fulfilled. We’ll call a tenant’s previous landlords to determine their payment history and uncover any other potential issues.
- Applicants must have no recent evictions.
As part of our screening process, we run a national check using a third party service to ensure that the tenant has not been subject to any recent eviction proceedings.
- Applicants must make 3x the monthly rent in verifiable income.
It’s important to know that your tenants aren’t getting in over their heads. We generally require that a tenant make 3x the monthly rent. This is verified with paystubs and/or tax returns depending on the tenant’s employment situation.
- Applicants must pass a credit check.
We run credit checks on all tenants, and will qualify or disqualify based on the tenant’s credit score and history at the property owner’s discretion.
- Applicants must pass a criminal background check.
We require that all tenants submit to a criminal background check, and will qualify or disqualify at the property owner’s discretion.
- Applicants must disclose all occupants.
It’s important to know who you’re renting to. We require that all occupants over the age of 18 go through the same screening process. We generally do not permit sub-leasing or AirBnB rentals in our properties.
- Applicants must be able to provide a security deposit.
We require a security deposit equal to one month’s rent or $600, whichever is greater, to ensure that the tenant has an incentive to keep your property in good condition. Should the tenant damage the property during their stay, this security deposit will cover or help to cover any necessary repairs.
In order to be shown a home, we require that prospective tenants show a government issued ID such as a driver’s license to verify their identity.
We operate in accordance with Federal Fair Housing law and do not discriminate against any person based on their race, color, religion, sex, national origin, familial status or disability.