Last week, we went over how to have a productive showing and what information regarding the prospective tenant is essential to get on the application. Today, we will point out how to review the application and three most important details in making a decision on qualifying the tenant.
Earlier in the year, we went over the high 5 of tenant screening http://bit.ly/1mUOJhB. This is a quick over view of tenant qualifications and summarizes 5 of the important factors in this process. Today we will drill down a bit further. Here are three of the most important elements we think are critical in tenant qualification along with some links to detailed videos we have produced on these topics.
1. Housing History – It is extremely valuable to get positive feedback from another property management company or a company that rents apartments. A good reference from a private party may have no relevance. This is because many people will use their friends or family members to fake a good reference. http://bit.ly/1wwgboj
2. Credit Screening for evictions – This is an important step to take. At RPM West Valley, we pay an additional fee to our reporting agency to get this information. For further details regarding credit analysis you can review this http://bit.ly/1vJEGiP .Also, check out this little trick in analyzing the credit report we go over on our podcast http://bit.ly/1vJEGiP
3. Income Verification – http://bit.ly/1oRMGxx This is a good resource that goes over what to look for in regards to income. Once this that is important is job history. In our experience, the most reliable tenants are the ones that have a good length of time on their job. Make sure you get two full years of employment and be leery of job hoppers. Follow @rpmwvphoenix