Finding the Diamond in the Rough Tenant
Screening potential tenants and weeding out the “trouble-makers” is one of the most time-consuming, critical tasks that any landlord and property manager has to contend with.
By: Nick Massie / 2017 / PayYourRent.com
Screening potential tenants and weeding out the “trouble-makers” is one of the most time-consuming, critical tasks that any landlord and property manager has to contend with. But because it is so burdensome, many managers forego meticulous screening practices and opt instead to settle for limited in-person meetings and a general “gut feeling” as to whether a particular person is rent-worthy or not.
The Risk of Poor Tenant Screening Practices
Accepting a tenant into your facility means entering into a business contract with that person, akin to hiring an employee who you trust will complete his or her end of the bargain and act with integrity. Just like you wouldn’t hire an employee without conducting a thorough interview, you shouldn’t welcome someone into your residence without taking a peek into his or her past. Still, far too many landlords do just that.
According to a study conducted by a research firm in Boston:
• 49% of Landlords do not conduct criminal background checks on their prospects.
• 49% of Landlords do not contact the references offered by their prospects.
• 23% of Landlords do not conduct credit checks on their prospects.
That’s great news for a tenant with a terrible past, but bad news for the manager looking to find a quality renter who will care for the property and complete rent payments on time.
5 Steps to Flawless Renter Application Screening
➀ Create Your Account on PayYourRent.com
PayYourRent’s web-based rental application makes it easy to direct applicants to a single landing page where they can apply for an available unit and submit the necessary information to complete their rental application. Simply sign up to PayYourRent and setup your account to accept online payments and you’re ready to go! Now it’s time to spread the word and wait for the rental applications to roll in.
You can even setup your portal to screen applicants and set the applicant criteria you are looking for and let PayYourRent give you a recommendation based on your resident needs. Applicants can even pay all the required application fees immediately upon submitting their digital application.
➁ Receive Applications
One of the best features of the PayYourRent platform is the ability to receive and organize rental applications all within a single dashboard. The system will notify you immediately when an application is submitted. You can then log into your account, view the application, and download it directly from your manager portal.
➂ Screen Applicants
Screen rental applicants with a single click by opting in for PayYourRent’s resident screening feature and you can have a custom credit report generated in seconds from one of your online applications. Our screening features include credit reports, criminal background checks, and eviction histories.
➃ Make Contact
Once an applicant has passed your screening process, it’s time to reach out and make first contact (if you haven’t done so already). At this point, you know that your prospective tenant is still interested and so are you – so the natural next step is to meet in person and visit the residence to answer (and ask) any final questions. Keep in mind that until your lease is signed and your deposit obtained, you’re still in the screening process and any further interaction with the prospect should serve to shift their application higher or lower on your list of prospective tenants.
➄ Seal the Deal
Once you’ve narrowed down your search to that single “diamond in the rough” tenant, you can close the deal by signing your rental agreement. Congratulations!
Interested in a simple, secure solution for online rent payments?
Please feel free to contact us to see a demo of our product or to have us answer any questions that you might have, we are more than happy to help.
