Do you know the credit score of your potential tenants? With the average credit score in the US standing at 715 in 2023 (Experian), you might get lucky with a responsible tenant, but why take the risk?
Properly screening tenants is the key to finding reliable individuals who will care for your property and ensure timely payments. Without thorough research, including a tenant criminal background check, you could end up with a liability rather than an asset. Luckily, this is easily avoidable.
Here, we explore the comprehensive tenant screening process and why it's an indispensable part of property management in Killeen. Choosing the first applicant might seem easy, but it could lead to complications. Keep reading to learn how to safeguard your investment and select tenants confidently.
Assessing Tenant's Affordability of the Property
When you rent your investment property, you want to know if the tenants can afford it, and a property management company can help with this. They use Killeen tenant screening methods to check if your applicants meet the requirements.
Pre-screening Income Qualification
First, they do pre-screening income qualification checks. They look at the applicant's income to see if it matches the rent, helping ensure they can pay without trouble.
Employment and Income Verification
Next, they verify income by checking the tenants' pay stubs or bank statements to confirm that they earn what they say. Finally, they use employment verification, contacting their employer to ensure they have a steady job.
- Income Fact: The average income in Texas between 2018-2022 was $73,035 (U.S. Census Bureau)
The tenant verification process ensures that your applicant can afford the property and helps the property management company find the right tenant.
Evaluating Tenant Responsibility Through Screening
As a landlord, you want to ensure a potential tenant can pay rent on time. A property management company can check several things.
Previous Landlord Verification
First, they contact previous landlords to see if the applicant paid rent on time, telling you if the person has a good track record.
National Criminal Record Check and National Sex Offender Search
Next, they run a tenant criminal background check to ensure the applicant has no serious legal issues. They also do a national sex offender search to ensure the safety of your property and other tenants.
Rental Applicant Background Check
Finally, the company does a rental applicant background check, giving a complete picture of the person's history. With this information, you can feel confident choosing the right tenant for your property.
- Pro Tip: A property manager will also manage rental inspections, further ensuring lease compliance.
Enhance Your Tenant Selection with a Tenant Criminal Background Check
The importance of a thorough tenant criminal background check included in the tenant screening process in Killeen, TX, cannot be overstated. Landlords can protect their investments by carefully vetting potential tenants with the help of a property management company.
Ensure your rental property is in the best hands with PMI Phantom Realty. Our comprehensive tenant screening process goes beyond quick checks and focuses on finding the right tenant rather than a fast one.
We thoroughly verify identities, assess financial stability, examine payment histories, and evaluate responsibility, ensuring your investment is cared for and profitable. Contact us today to secure your property's future with reliable tenants.
