Finding tenants is a fundamental part of the rental property business. Still, with any pool of applicants, choosing the right ones is never easy.
Fortunately, with over 11 million independent landlords in the US, there are some time-tested strategies for finding and screening the best tenants. Here's how to run a tenant background check to find the right people for your properties!
Ask For Proof of Identity and Income
With a paystub and bank statement verifying proof of income, you can verify the most important aspect of your tenant search; that they can pay rent. However, you'll also need proof of identity to run a thorough background check.
Now, if you're only concerned with their credit report from there, then you can ask for that directly. However, if you want to run a criminal background check, you will need to know their identity.
Moreover, we strongly recommend running these checks, especially if you have families staying in your properties. They will feel much safer knowing that their neighbors have been vetted.
Most importantly, you want to know about serious crimes like assault, theft, and domestic or sexual violence. For that, you'll need the right background check forms.
Acquire the Right Forms
If you are running your criminal background check through a database, you will need to acquire the right forms from them to have your applicants fill out. This form may require sensitive information, including their:
- Driver's license or ID number
- Social security number
- Full name and previous names
- Parents' full and maiden names
- Date of birth
The information largely depends on the form you use. We strongly recommend running a comprehensive background check and filling in the gaps as necessary.
For example, sexual offenses don't always appear on standard criminal background checks. For that, you may need to check with the sex offender database to confirm.
Remember, the best tenants will have nothing to hide. If they refuse, that's okay.
Hire a Professional
Hiring professional property managers can help speed up and improve the process of tenant screening. Finding tenants is always a challenge, but with the right assistance in marketing, screening, placement, and more, you won't have to worry about it.
From there, your property manager can handle, well, everything. That includes communicating with tenants, rent collection, maintenance, and so much more. With the right help, you can just sit back and watch the checks come in for only a small fraction of your rental income!
Conduct a Tenant Background Check Today
Now that you know how to conduct a tenant background check, put these tips to use today. The longer you wait, the longer it will take to fill your vacancies and start earning from your investment. With the right help, you can maximize your income and find the right tenants for your property!
Stay up to date with our latest tips for property owners, and don’t hesitate to contact us with any questions or for help with your management needs!
