December 11, 2018 by Greg Paielli
Being a trusted Tampa Bay property management service we follow a well-established process when it comes to how we qualify potential tenants, and in this post we have shared some vital Tampa tenant screening tips. It is essential to look at every renter the same way & rate them the same way to meet all fair housing requirements.
Screening a renter: where to begin:
We check out many things, beginning with FICO score & the risk score that emphasizes the last 6 months. We like to have a glance at their history of home ownership & rentals. We also want to have a look at their earning & their assets because many people are not employed but have decent assets or are retired. We double check the income and rental history, because they are the most vital.
Screening a renter: keeping score:
The scoring sheet we make use of has different categories. We take into account their earning or savings and compare it to the rent. Then would like to have a look at whether they have any tax claims that might prevent them from paying rent.
We also like to compare a tenant’s monthly earning to debt. A renter with earnings of $4,000 and monthly debts including rent of $2,000 is a good risk to take, but debts of $10,000 a month with earnings of $5,000 is clearly not a smart risk to take.
We also take a look at collection accounts; if they are for failure to pay a mortgage, it will appear in the credit score. If we notice the renter has failed to pay credit card bill that is a negative, particularly if they have more than one.
Screening a renter: additional checklist:
It is also wise to conduct a background check before giving a lease to any renter. A property eviction in the previous 3-4 years will be a big NO. However, an eviction from 15 years back when the renter was in college is a little different. Would also like to see if they are on the no fly watch list & if they are, we reject them. Also, we look at misconducts & felonies. We do not wish to rent to anybody with a past record of sexual offense or violent crime.
To find such more useful Tampa Bay property management solution gets in touch with Simply Property Management-Property Managers of Florida, Inc.
This blog is originally posted here: https://tampaareapropertymanagement.wordpress.com/2018/12/11/tenant-screening-how-to-do-it-professionally/