Tenants Screening … “An Ounce of Prevention”

Sunday, November 1st, 2009

The old adage “an ounce of prevention is worth a pound of cure” is true for Real Estate also, and tenant screening is our “ounce of prevention”.  The best way to make sure you get great tenants is to SCREEN THEM, but the  biggest mistake most landlords make is NOT screening their tenants.  To become a successful landlord, you need to screen tenants for evictions and outstanding judgements, have minimum acceptable credit scores, and have a minimum income requirement (usually 3x the rent).  As a young landlord, I struggled with the tenant screening process, until I discovered the “National Association of Independent Landlords” (NAIL).  They offered tenant screening, forms and credit reporting services for a low annual fee.  I am forever grateful for their service, and I suggest all landlords use a service like theirs, so you know who you’re renting to.  Screen your tenants…  Happy Renting!

Filed under: Landlord/Tenant by BrokerOwner

4 Responses to “Tenants Screening … “An Ounce of Prevention””

  1. SuperSonic, on November 8th, 2009 at 3:42 pm Said:

    Hi there,
    Thanks for article. Everytime like to read you.
    Thank you
    SuperSonic

  2. Scott Kennedy, on November 16th, 2009 at 5:01 pm Said:

    Hi BrokerOwner, I recently came across your blog (I see that you are new to the social media space) and admire that you are committed to sharing landlord tips and tricks with other property managers. My name is Scott Kennedy and I, too, work in the rental industry. I work for TransUnion which provides landlords a 3-step, secure online tenant screening program. While I see that you are a member of the National Association of Independent Landlords which offers tenant screening services, I wanted to make you aware of TransUnion’s SmartMove (www.mysmartmove.com). For just $25, landlords can determine their own thresholds when deciding on an applicant as well as determine who pays for the credit and background screening, while not having to worry about privacy issues (i.e. storing social securing numbers etc.)

    I also wanted to let you know that I would be happy to share information on industry trends and best practices for future Landlord Liason postings.

    Best,

    Scott Kennedy

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