Welcome, Guest
SIGN IN | REGISTER
MultifamilyBiz.com is the next generation platform on the Internet for the multifamily industry.  
Screening Service
Finding Good Residents
Good credit screening is the most important decision you can make as a rental property owner. A comprehensive resident history report will help you find the worst and the weakest and weed them out before you commit. Filling a vacancy with a resident who will pay the rent on time, not annoy neighbors or destroy you property is not so easy.
Why Screen Prospects
According to the National Multi Housing Council, as much as 2-5% of rental revenue is lost each year from residents who skip on a lease, write bad checks, are evicted or leave significant property damage. Screening is a method to find good residents who pay their rent.
Screen Credit History
Credit history is designed to show if the prospect has a history of meeting his financial obligations in a timely way. To gain insight into an individual's spending habits, predictability and current financial situation, it is import to check a credit report.
Run Criminal Backgrounds
Renting based solely on a credit report and a firsthand perception is not only misguided but dangerous. It is important to go beyond verification and screen for a criminal past. If you end up renting to a registered sex offender for example, you could face liability.
Check Eviction Records
Past evictions reflect the rental patterns of your prospective resident. Evictions offer a detailed view into an applicant's rental history. Evictions are something that does not always appear on a credit report. Use a reliable service to obtain these results.
Income Verification
Verify income and employment. Some employers require written authorization from the employee before they can release the information. Have the necessary forms prepared as part of the application process. Require copies of pay stubs or tax returns if an individual is self-employed.
Cover Your Costs
Collect an application fee from the prospective resident to cover the cost of your credit report service and reference checks. Make certain that your prospective resident acknowledges that this fee is non-refundable. Cover this item clearly in your rental application.


 
 
 | Multifamily Technology Solutions    
 
MultifamilyBiz.com is the Next Generation Internet Platform for the Multifamily Industry and is the place to be for everything touching multifamily housing. From its robust vendor directories to professional blogs, MultifamilyBiz is dedicated to providing a suite of focused, leading-edge, online tools and resources designed to maximize and accelerate commercial activities in the multifamily marketplace.
Copyright 2010 - MultifamilyBiz.com - All Rights Reserved