“The Importance Of Getting The Tenant’s Rental History Report” written by Mike Marko
Are you looking to rent to new renters, but are not sure how to pick the best one?
As a property manager, it’s important to get as much information as you can about a potential new tenant. The more information you have, the better your decision about whether to rent to an applicant.
When you miss information you may end up selecting the wrong tenant… and that can lead to eviction, or worse.
In this article, I will talk to you about getting the tenant’s rental history report. I will also give you some you some guidance in analyzing whether the tenant is a good one or a bad one.
Rental History Report
There is a lot of information available to property managers when starting the background check and process. This information is key to help you determine if you found the most qualified renter for your property.
Rental history is one of the most important items to evaluate when considering renting a property to a new tenant. The rental history is detailed information on the tenant’s past history of renting apartments or houses. It includes their evictions, late rental payments, missed rental payments, criminal background and a lot more.
As we get further into this subject, I am going to share how important it is to analyze a rental history report for your possible tenant is prior to making the determination if they are the most qualified renter for your property.
Avoiding Bad Tenants
Part of the reason you want to make sure that you review every possible renter’s history report is to avoid a future bad tenant.
Analyze Every Detail On The Report
During the process of determining the most qualified renter, you as a property manager, you have to get every detail from the possible tenant through a completed application and background check. As part of the application process, you should receive authorization to get and review the tenant’s rental history report. In analyzing every detail on the rental history report you will better know how the tenant has acted historically during past rentals and with their dealings with previous landlords.
Conduct A Face to Face Interview
During the screening process, you should constantly be asking questions and interviewing the possible renters regarding their rental history.
The rental application allows the renter to give you a detailed rental history report for you to review and do background checks on.
The past rental information you get through their application allows you to conduct interviews asking questions regarding past rentals they were involved with. The interviewing process allows you to get to know the tenant better and identify if the tenant is a good or a bad one.
The rental history report allows you to call and interview past landlords or property manager’s and find information that helps you determine if they will be a good future tenant.
Though conducting an interview over the phone and meet the possible tenant will also help you compare the information they have on the reports and the words that will come out of their mouth.
Protecting Yourself From Possible Bad Situations
By going through and reviewing, interviewing the tenant, and past landlords allow you to make a good determination on how to avoid possible bad situations that could arise if you were to rent to this person.
Check Their Evictions And Criminal Records
The rental history report that you can get done online can include any documented evictions or past criminal activities for the possible renter. If there is negative information that you find on the rental history report, my experience tells me that normally history repeats itself.
When reviewing the rental history report you should make note of all instances that made a difference when they were renting in the past. Normally, everything that happened in the tenant’s past rental history will be repeated when renting your property. Making sure you are comfortable with past rental history of the tenant allows you to understand if you found a good renter and possible avoid any problems that could arise with the renter in the future.
If a renter has a past criminal conviction, you will never know if that person might cause a similar problem when renting your property.
The rental history report can include past criminal background and evictions and sometimes alerts you to someone who has caused damage to past properties. If this is the case you should avoid renting to these types of people.
The rental history report allows you to make sure that the tenant you will choose to rent your property will not have any major issues while renting your property.
The credit check is an important part of the rental history report. It helps tell you the likelihood that the tenant will pay the rent on time (or even at all).
If a tenant shows a lot of missed payments it is probably a good indication that they may do the same with you. History will probably repeat itself.
You can get the credit check directly from one of the three major credit bureaus (Equifax, Experian, and Transunion), or through a third part. When making the final decision on a tenant, be sure to take the time to go through the report carefully. Question the applicant if anything stands out that may be cause for concern.
Final Thoughts About The Tenant’s Rental History Report
Getting a troubled tenant can be a pain. That’s why in this article we talked about the tenant’s rental history report. Take the time to get a thorough rental history report to help make a more educated selection of your new renter.
If you have questions or suggestions, leave them in the comment box below.
If you need help marketing your business online then check out IM Consultant Services.
Disclaimer: This commentary is a matter of opinion provided for general information purposes only and is not intended to be taken as investment or trading advice under any circumstances. Information and analysis above are derived from sources and utilizing methods believed to be reliable, but we cannot accept responsibility for any losses any person may incur as a result of this analysis. Individuals should consult with their personal financial advisers. By using this web site or any information contained in it, the user specifically and expressly agrees that no advisor-client relationship is created between said user and any author, owner, executive, or principal of this web site by either use of this web site, or by any information, product, or service offered by or on this web site. No express or implied guarantees or warranties as to investment or trading results are made, and any perceived insinuations of such are hereby expressly disclaimed.