TENANT SCREENING PROCESS

TENANT SCREENING PROCESS

If you want to find a reliable, responsible tenant you need to have a great screening process in place. Learn everything from how to advertise your rental to how to avoid being accused of housing discrimination.

3 Steps to Verifying Prospective Tenant's Income

1. Request Income Documentation
2. Issue an Employment Verification Request.
3. Run a Credit Check.

1.Request Income Documentation

The first part of verifying a prospective tenant’s income is to request the appropriate documentation from them. The type of documentation you will need will differ depending on if the prospective tenant has an employer or is self-employed.

Documentation for Tenants Who Are Self-Employed

• Bank Statements:

• Self-employed tenants will not have an actual paystub, so the best thing you can do is request copies of their bank statements to verify they have actual income coming in.

• You should request bank statements from the past two or three months to get a better picture of their average monthly income.

2.Issue an Employment Verification Request

For prospective tenants who are not self-employed, there is an additional step you can take. You can contact their employer to confirm they work there. To do this, you need to contact the employer directly and issue an employment verification request. This is to ensure the applicant does, in fact, work there and to verify the income claim they made.

3. Run a Credit Check

Running a credit check on a prospective tenant will give you information about their financial health. This credit check will show you if they have been able to fulfill all of their financial obligations. You will learn:

• Their credit score.

• How much debt they have.

• If they have ever filed for bankruptcy.

• If they have any judgments against them.

• If they have ever been evicted.

Tenant screening begins when you make the decision to advertise your property for rent. You can advertise online, or take out an ad in your local newspaper. Of course, the best, and easiest route is Nimmadhi Property Management.

Finding a tenant with Nimmadhi. Nimmadhi has made verifying them also easy. All you have to do is call us or drop us a message and someone from the team will call you to get your requirement.