There's nothing easy about being a landlord, but a good tenant screening process can certainly help.
Millions of property owners are forced to evict tenants every year. Going through this process can be horribly time-consuming and expensive, not to mention exhausting. The best thing you can do to avoid having to evict tenants is to properly screen them so you're only getting the best candidates.
In this post, we're going to give you the landlord's guide to tenant screening in Nevada. Keep reading and you'll know exactly how to get the type of tenants that'll make being a property owner worthwhile.
Pre-Screening Can Help
Learning how to screen tenants can be complicated, but one of the most important landlord tips we can give is to pre-screen your tenants. By enticing good renters and dissuading bad ones, you'll give yourself a better pool of candidates every time. So, how do you do this?
First, the way you word your online rental listing can do a lot. Simply being upfront about the application process will dissuade the less qualified renters. If they know they're going to have their income, credit, and criminal history checked, they'll likely refrain from applying.
You can gauge a lot by the first interaction you have with a tenant also. Have a list of things you want your ideal tenant to have and question each candidate to whittle down the selection.
Look Into Employment and Income
Getting your tenants to fill out a rental application can help you learn more about them, what they do, and their financial standing. Employment verification is crucial in determining whether they'll be able to make rent every month or not.
Most landlords actually find it preferable for applicants to have a stable job and income over good credit. You can have your applicants upload their W-2 or a paystub when they submit their application to make the process quicker.
Previous Landlord References
Hearing from previous landlords about how potential tenants comport themselves in a rental is an important screening tool. If a tenant was regularly late on rent payments, had parties, or damaged property, you'll hear about it from previous landlords.
A credit check complete with a FICO score will tell you about an applicant's long-term financial stability and responsibility. If there have been any major financial concerns, a credit check will unearth them.
Looking at things like debt to income ratios can help you figure out if a candidate's debt will outweigh their ability to pay rent. These are all important financial statistics to look at during the tenant screening process.
The final thing you'll want to perform is a criminal background check. It's important to note that you can't deny a tenant based on their criminal record. That being said, you can refuse applicants with certain convictions in order to preserve the safety of your other tenants.
You can also look into the national eviction history to see if an applicant has been evicted before. This is another crucial tool for separating great tenants from not-so-great ones.
Tenant Screening With a Property Manager
These are some of the most crucial bits of advice for landlords trying to screen their tenants. If you really want to get the best tenants, however, you need to work with a property manager.
At Avalon Realty and Oaktree Management, we have a thorough tenant screening process that ensures you're getting the best applicants in Las Vegas. From proof of employment to landlord references and background checks, we do everything to find tenants that bring value to your property.
If you want to learn more about our services, contact us today to talk about how we can help your investments.