The proper and thorough screening of prospective residents for your investment property is one of the most critical tasks that you as a property owner. By doing the leg work (and phone work) up front, you can certainly limit yourself from unneeded hassles and/or loss of rent income.
Here is a quick check list of all the screening activities that our property management team perform when we receive a rental application:
-Verification of position, salary, tenure and conduct status at the place of employment
-Two month’s original pay stubs or bank statements showing deposits
-Phone conversations with (2) personal references
-Verification of rent payments and good conduct as witnessed by previous TWO landlords
-Credit check (your local apartment association – such as the AOA – should have a service for this)
-State-wide unlawful detainer search
-Criminal background check
Do you perform any additional tenant screening measures? What works best for your company or investment property in your area? -TH