tenant screening: The Value and Cost of Tenant Screening
- 10/18/12 12:21 AM
We all know tenant screening is plays a vital role in placing a tenant, but why is that? Without properly screening a new tenant a landlord can end up losing far more time and money than they gain. A lot of landlords might assume this would never happen to them, or they are a good judge of character and may not need to verify the facts; however, fact is, poor tenants are on the increase and they are becoming better at lying about their past. When interviewing the most successful landlords, they all say they absolutely positively would not give a new … (4 comments)
tenant screening: Tenant Screening For Dummies?
- 09/24/12 04:06 PM
Ya know, those "dummies" books always get me. Doesn't it seem like the author calling his readers "dummies" wouldn't go over very well. Yet, I imagine the publisher(s) are bazillionaires many times over by now. Hence, my experiment in a title. I downloaded a trial of Camtasia last weekend and decided to give it a whirl. I don't have much to compare it to, but within a few hours (which probably was FAR too long for how long it SHOULD have taken), I had a fairly decent video about tenant screening produced and the process was pretty fun to boot. Please critique … (3 comments)
tenant screening: More Landlord Friendly Laws in 2012?
- 01/14/12 05:11 AM
I was pleased to read about Wisconsin proposing new rules which are actually in favor of landlords. It's an increasing problem across the country where cities and counties are passing laws which could harm the very fabric that landlords rely upon to run their business. Some examples of laws some localities have passed or plan to pass: Prohibits or limits the landlord from obtaining or using various types of information about a tenant or prospective tenant, such as household income, occupation, court records, rental history, and credit information; Limits how far back in time a prospective tenant’s credit information, conviction record, or … (5 comments)
tenant screening: Pro Tips on Successful Tenant Screening
- 08/20/11 05:06 AM
What is it that seasoned landlords and property management services know about tenant screening that every property owner should? This guide will show you how to successfully screen a tenant quickly and accurately and to form an informed decision on which prospective tenants to approve and which to decline, like the pros do. There are two important traits a seasoned landlord looks for in a prospective tenant. The ability to pay rent on time and the ability to care for the property. Absent either of these traits and a tenant can cost a landlord thousands of dollars in damage and lost rent. … (6 comments)
tenant screening: New Social Security Number Randomization Policy
- 07/20/11 04:40 AM
The Social Security Administration has modifying their policy for issuing social security numbers effective June 25th, 2011. The change, referred to as “randomization” will prevent the SSA from running out of SSNs in certain states (there are currently 435 million numbers available) and extend the longevity of the 9-digit SSN nationwide. It will also protect the integrity of the SSN and help guard against identity theft. This change can affect how property managers and employers screen their tenants. Previously with a SSN's origin being predictable one could often determine the origin of an applicant's SSN. This no longer being the case (unless … (2 comments)
tenant screening: Landlords: How to Decipher a Criminal Background Report
- 07/17/11 08:09 AM
It might seem really basic to order criminal reports on prospective tenants, but there certainly is more to it than meets the eye. One of the most common problems landlords run into when running background criminal is how criminal reports are indexed. Unlike credit where every person has a unique identifier, their SSN, criminal reports are typically indexed only by name and birth date. Our goal is to get the most accurate data to make a decision on the potential tenant. The first step in ensuring this with any tenant screening organization is to provide a correctly spelled name, and exact birth … (5 comments)
tenant screening: Tenant Screening Doesn't Have to Be Difficult
- 12/17/10 07:51 AM
So there's a bit of a misconception out there for landlords, especially, private landlords who aren't incorporated that it is difficult to do a proper tenant screen. I've heard not just from my friends in the industry but from countless customers things like: "I'm not allowed to get credit reports", "criminal data is only available to PIs and police", and "it's too expensive". I must say I can debunk all those myths in about 30 seconds! Simple fact is, all these reports are available TODAY to landlords, as well as property managers. Credit Reports Criminal Reports (nationwide, state, or county) Eviction Reports … (3 comments)
tenant screening: Comprehensive Tenant Screening - HOWTO Guide
- 12/08/10 02:01 AM
One of the most important steps a landlord can take to protect their property, cash flow, and sanity is to properly screen tenants prior to placement. Failing to properly screen a tenant can result in any or all of the following problems, all of which are far more costly than a tenant screening report. Be warned, this is a meaty document; it's not your typical "3 simple steps" report, but it is a comprehensive guide to making the best possible screening policies. The two minutes it takes to read and understand it are well worth the time for serious property managers … (4 comments)
tenant screening: How ACH Can Simplify a Property Managers Life
- 03/11/10 04:09 AM
I've been a landlord for many years now and when I think back on the biggest challenges I'd have to pick two things. Placing tenants and collecting rent. The best advise I can give about placing tenants is be absolutely sure to screen them carefully. Oh, and look at the inside of their car as an indication of how well they treat things. Today however I'm going to talk more about collecting rent. I know I'm not the only one out there that has a nagging feeling in their head when the beginning of the month rolls around. I pro-rate my tenants … (4 comments)
tenant screening: Landlords Beware of These Nightmare Tenants
- 06/22/09 03:38 AM
If you've been a landlord, or broker managing someone's properties, for any amount of time one of these stories might sound familiar to you. A common myth landlords often have is that general repairs are going to be their biggest expense with a property, aside from the obvious tax+mortgage payments. That is very very wrong. The largest expense for most landlords is actually what they typically consider their biggest asset, their tenants! Not all tenants, but based on some of the info I'll elaborate on below, a single bad tenant can turn a property that's been wildly profitable for 10 years … (5 comments)
tenant screening: How To Properly Screen a Tenant
- 06/19/09 03:24 AM
Did you know that in a brief survey I've found that 9 out of 10 landlords do not properly screen their new tenants? Granted, the term "properly" is somewhat arbitrary. Here's how I define a proper tenant screening. First and foremost it's absolutely vital you know the criminal history of your new tenants. Do you want the liability of renting to a convicted felon in your property? A proper background screen will give you address history for your new tenant, which is good for verifying the legitimacy of their application as well as knowing just where to run criminal background reports on. … (10 comments)
tenant screening: Banks Are Taking Far Less Than Yesterday
- 06/10/09 03:10 AM
We just purchased our 2nd foreclosed property from the bank this year, done some additional research, and determined banks are really anxious to offload their inventory. Their anxiety is so high they are willing to offload them for just about anything (within reason) which spells a very profitable investment. To add to this, lending guidelines are still pretty tight. While they have loosened up a little bit, the economy (for the avg Joe, not the media) continues to worsen. This means less money in people's bank accounts. The $8k 1st time homebuyer credit helps confidence, but it doesn't give homebuyers the money … (10 comments)
tenant screening: How easy is it to screen a tenant?
- 06/09/09 01:48 AM
A couple years ago I had this question myself. At that time I visited the local credit reporting office in my town, and while they used to run screens on behalf of landlords have stopped that activity. That is also true of pretty much every local screening company. Property managers can run background screens, but only for their own clients. This leaves the question, how does a private landlord screen their prospective tenants without a huge hassle? I've been asked this dozens of times and I'm happy to say I have the answers. If you are a landlord, it's actually quite easy. … (7 comments)
tenant screening: Rentec Direct Visits ActiveRain - Property Management Software
- 06/07/09 02:35 AM
A good friend and local mortgage broker referred me to Activerain today and I, we, are pleased to be here! Thanks Paul! For a good time Rentec Direct has been maturing in the property management software marketplace and while there's a good chance the name is new to many of you here in the "rain" I am excited to announce that we don't want it to remain that way!! An introduction. Rentec Direct is a rapidly emerging company providing landlords and property mangers an online application to manage their properties. The software is designed for the smaller to medium landlords who have … (5 comments)
My blog related to property management challenges for small to mid size property owners and items related to Rentec Direct property management software.
We all know tenant screening is plays a vital role in placing a tenant, but why is that? Without properly screening a new tenant a landlord can end up losing far more time and money than they gain. A lot of landlords might assume this would never happen to them, or they are a good judge of character and may not need to verify the facts; however, fact is, poor tenants are on the increase and they are becoming better at lying about their past. When interviewing the most successful landlords, they all say they absolutely positively would not give a new … (4 comments)
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