Whether you are a new or experienced landlord here in the Waco, TX area, finding a tenant that will pay on time and care for your residential property is key to your overall success. If you do not feel tenant screenings are necessary or have never screened potential tenants before, you play a dangerous game.
Please know there are countless people out there who live their lives as “professional tenants.” These tenants have mastered the legal system, moving from one place to the next without paying rent as long as possible. Though you may not have fallen prey to professional tenants in the past, you could very well fall prey to them in the future, and what a costly future that will be!
While there are no guarantees when you rent your property out to a new tenant, these three simple screenings can save you time, money, and a whole lot of stress.
1.) It is vital to review a potential tenant’s criminal history.
Specify what types of convictions and adjudications will disqualify an applicant (for example, theft, violent crimes, sexual assault, drug usage, etc.) within a set time-frame (such as criminal history within the last ten years). It is not possible, nor is it legal, to ask for a spotless record, though you are permitted to deny offering someone a lease agreement for a substantive one.
2.) It is wise to contact previous landlords to obtain past rental information.
By asking potential tenants to sign a release form, you can ask their previous landlord if they paid rent on time and if any egregious violations ensued. You can also ask for a list of personal references to ensure that their peers and various community members highly regard the people you are renting to. Again, while nothing is foolproof, this can help to weed out candidates that are not responsible.
3.) It is crucial to verify a potential tenant’s current income and credit history.
Confirm income by viewing current pay stubs or even contacting an employer for verification (with permission). Typically, a tenant’s rent should equate to 30% of their monthly income, though this can vary depending on the property type and location. Credit scores should be analyzed and are easily accessible through numerous agencies.
It is important to note that professional tenants are known for providing landlords with fraudulent information, easily slipping under the radar when not properly verified. For this reason alone, numerous landlords choose to forgo managing their residential properties themselves, asking reputable property management companies to handle these details, and more, for them.
As a locally-owned and operated Property Management Company, we have over 30 years of expertise in screening and managing properties for landlords across Waco and Central, TX. Our comprehensive services ensure your rental property remains a lucrative investment that grows in value for years to come. We would love to hear from you! Feel free to contact us today to learn more: 254-651-0576.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
