The importance of screening renters
Renter screening is the most important aspect of determining which applicant a landlord should approve as a new renter who will pay rent on time, and take care of the property.
The process of renter screening is simple, comprehensive and involves different elements such as background check, credit score check, referral check, etc. Each element has its own importance and aims to screen an applicant on different grounds.
If you normally do not screen renters, we’ve put together a short list of benefits on screening renters, all without spending extra money over your normal expenses.
Ask for renters’ background report
A background check will give you a clear picture of the potential renter’s past behavior. Knowing in advance what had occurred in past can help you anticipate your experience with that renter. Additionally, you will also come to know whether the applicant can afford your unit. So, it will give you an assurance that he or she will be able to pay rent on time every time.
Although, it is a common practice for screening applicants in most countries, but it’s not required in some countries like New Zealand.
Ask for renters’ Credit Report
After the background check, you know that applicant has a clean history, and will be safe to rent the place, but that’s not enough. The main concern of every place owner is that the renter pays the rent in full and on time. Again, a couple of late payments on a credit report does not necessarily mean anything horrible about the applicant.
Ask for References
Personal references will help you know more about the applicant. You should ask for references, who can be friends of the applicant or past landlords.
If you go all traditional about renter screening, it will take a couple of weeks to complete the process, and find the ideal renter. You can rather save your time for your core business, and streamline the renting process with GoodPlaces. We will help renters and landlords to connect, share information and pay rent payments online in a no-hassle way.
Landlords will be able to promote their rental properties, screen renters, request for credit score, and receive rent payments online via GoodPlaces whereas renters would personalize the search to find an ideal place, and pay rent using a credit card, debit card or bank account here. Hence, it is a win-win situation for both renter and landlord.