How to Make Sure You Get the Best Tenants

Tenant screening is one of the most important aspects of successful property management. By conducting a thorough tenant screening process, landlords and property managers can identify potential red flags and make informed decisions about who to rent to. One of the challenges property managers face in tenant screening is data collection. Property managers have an ethical responsibility to protect tenant verification data, including sensitive information like financial records and criminal histories. This responsibility extends to promoting transparency with tenants and ensuring that third-party vendors prioritize data protection. Upholding these principles not only aligns with industry standards but also builds trust in property management practices. Here are some best practices that we do for conducting a comprehensive tenant screening process.

#1: Criminal Record Checks

A check of criminal records is an essential component for tenant screening. It plays a crucial role in safeguarding the property and the well-being of existing tenants. A criminal records check can reveal whether a potential tenant has a history of repeat criminal behavior, including violent or disruptive conduct, theft, or drug-related offenses. We use a variety of public sources, (e.g., Some states such as Oklahoma have a transparent public record system - OSCN.net) and social media platforms, to verify tenant provided information. This is especially useful when considering candidates who come from the same neighborhood, as it helps to quickly determine whether they are a good fit for the property.

#2: Credit History Checks

Credit assessments are fundamental in tenant screening, as they furnish invaluable insights into an applicant's financial history and reliability. This information is important because it gives a landlord insight into a tenant's ability to pay rent on time and manage their finances responsibly. As part of our tenant screening process, we utilize RentRedi to conduct both criminal and credit history checks on potential tenants. This approach helps us make informed decisions about an applicant's suitability for our property.

#3: Rental History Checks

Analyzing an applicant's rental history is crucial for verifying their past conduct as responsible tenants. By checking a tenant's rental history, a landlord can gain a better understanding of how the tenant has behaved in the past and can make swift evaluations about whether or not to rent to them. Our method involves direct contact with previous landlords, either through phone calls or emails, utilizing the reference details provided on the applicant’s RentRedi application. This interaction enables us to gain valuable insights into the tenant's reliability, encompassing their history of timely rent payments, adherence to property rules, and any previous property-related incidents.

Our aim is to see that all three verifications on their RentRedi application feature a blue checkmark. This means they passed these checks and don't have any bad records.

#4: Employment Verification

Verifying employment information is important part of tenant screening, as it provides landlords with valuable information about a tenant's financial stability and ability to pay rent consistently. By verifying a tenant's employment, landlords can make informed decisions about whether or not to rent to them. Our common practice involves direct communication with the applicant's current and former employers. Once again, we refer to the references provided on the RentRedi application for this verification, either through phone conversations or emails. This process verifies the information presented in the tenant's application, including job title, salary, and length of employment. These insights provide a clear picture of the tenant's financial stability and their ability to meet rent obligations. As part of their RentRedi application, applicants are also required to submit proof of income, such as pay stubs, bank statements, or tax returns. This step assists us in validating their employment and income status while offering additional insights into their financial standing.

Conducting a comprehensive tenant screening process can help landlords and property managers identify potential red flags and make educated decisions regarding tenant selection. We hope that by following these tips, landlords and property managers can minimize their risk of renting to tenants who may cause problems down the line, and ensure a smooth and successful rental experience for all parties involved.