Quality1 Property Management
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Finding a good tenant is a bit like dating. You will work through interested applicants until you have the right qualities that you believe are the right fit. Only, instead of piña coladas and long walks on the beach, you’re looking for someone who loves a walk-in closet and a spacious yard and won’t let your heart break.
Quality1 Property Management
In addition to the headache of recovering damages, choosing the wrong tenant for your rental properties can lead to big costs. Especially if there is a sudden turnover of tenants, which averages $750 per month. In extreme cases, a tenant who refuses to pay rent or engages in criminal activity may be evicted. This behavior not only threatens the safety of you, your neighbors, and your property, but it also takes a serious toll on your financial and mental health. Our view on TransUnion SmartMove
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No one wants to sacrifice their hard-earned money on attorney or filing fees, waste time in regular court appearances, or lose income due to tenant turnover and vacancy. So, how do you find great tenants that won’t cause you headaches?
As a homeowner, you may feel obligated to keep yourself, your property, and your neighborhood safe. Landlords may believe that they rely on their gut instinct when choosing the right tenant. However, SmartMove’s data shows that nearly one in five renters surveyed have at least one hit on their criminal record. This means that approximately 20% of applicants in this data sample have a criminal record, reflecting that a criminal record may be important information in your rental decision.
An online background check is essential to prevent potential tenants from vandalizing your space. That said, it is also necessary to refer to or follow HUD guidelines when considering screening candidates based on criminal history. In accordance with these guidelines, you must treat criminal records separately and follow a criminal background check policy:
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To make the right rental decision for your rental property, consider the following questions when screening tenants based on criminal records:
Ultimately, it is your responsibility to understand the state and federal laws governing tenant background checks. If you use a compliant, FCRA-approved tenant screening service like SmartMove, then you can scan a tenant’s criminal history report with peace of mind:
With SmartMove background checks, landlords benefit from comprehensive searches of nearly 300 million criminal records in state and national databases, allowing for more informed decisions.
The key to running a successful rental business is having quality tenants. If the tenant fails to pay the rent on time, then this means you are at a loss and you need to consider what you can do to protect your rental income. When there is continued silence, it often means that eviction is sought.
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It is important that homeowners do everything in their power to reduce the risk of eviction. A single transplant costs homeowners an average of $3,500 and takes three to four weeks to complete. Most independent homeowners don’t have the money or time to deal with such a burden.
Fortunately, past transplants are a good predictor of future risk. That’s why it’s smart for landlords to understand an applicant’s rental history with a rental history report. Ask prospective tenants to provide a list of previous residences and contact information for their landlords.
From here, you can call previous landlords and ask about the applicant’s past rent (check the laws that apply to you and/or contact your legal counsel to confirm what you’re asking). Some questions that tenants want to ask previous landlords:
After obtaining the tenant’s rental history and contacting their references, you should also check for evictions. SmartMove Relocation Review provides court records for every file, including:
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Foreclosure history and previous payment problems can also be strong predictors of future evictions. In addition to talking to previous property managers, you can use ResidentScore
. ResidentScore is a proprietary survey tool from TransUnion SmartMove that helps landlords predict tenant behavior.
Unlike a typical credit score, ResidentScore is designed to determine how likely a potential tenant is to be evicted. This information will not only save you the headache of a timely and expensive eviction, but it will also help you find a tenant who will pay the rent on time.
Between the rising cost of living, rising student loan debt for millennial and Gen Z renters, and rising rents, it’s becoming more and more difficult to afford to rent while meeting additional financial obligations.
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It’s no surprise that payment issues are a top concern among landlords: Not paying rent can make it harder to cover your mortgage, business expenses, and bills. Additionally, tracking down late payments from tenants takes time and effort. Independent homeowners don’t have time for that.
Checking an applicant’s credit history can help you avoid defaults because you’ll have an idea of whether or not they’ve been responsible with their money in the past. What independent landlords should look for in an applicant’s financial history when screening tenants:
An applicant’s overall credit history can help you predict whether or not they will pay their rent on time. There is no exact number that defines a good credit score versus a bad credit score when renting. A better predictor is the ResidentScore, which is tailored to homeowners and is designed to determine the risk of eviction. This tool predicts a 15% improvement in your overall credit score and is a valuable rental tool.
If the applicant has a pattern of late payments, then this can predict that they will not pay the rent on time. When analyzing an applicant’s late payment history, ask yourself the following:
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If the tenant has a lot of debt, can they pay the rent while paying the accumulated balance? It’s also important to consider what kind of debt they have. Some debts are responsible, such as student loan debt, while other debts are generally considered non-responsible, such as credit card bills. Generally, a tenant who faces a lot of debt may not be inclined to pay the rent.
By understanding basic credit score factors and checking for tell-tale signs in their history, you can better assess an applicant’s financial worthiness. This will help you predict whether your tenant will be able to handle your monthly rent.
When getting your credit report, make sure you use a legitimate and reliable credit reporting agency. A tenant’s credit report should include the following features:
Landlords need proof of steady income and employment to feel confident that tenants can pay their rent in full and on time.
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The industry standard rent-to-income ratio suggests that a tenant should make three times the monthly income of rent, but this may vary by state. For example, rents are generally cheaper in Montana
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