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Dallas, TX: Today, more property owners in the Houston and Dallas area and around the United States are hoping to rent their homes. However, many landlords are not sure what to do to screen for good tenants. Our property management firm realizes today many real estate agents and landlords are utilizing some limited screening techniques. Today, most renters are struggling with their credit scores and it explains why people are renting versus owning a home. In the days of easy financing or even in this market with low interest rates and low prices, tenants with quality credit scores were finding great opportunities to buy homes instead of renting. Therefore, it is a reasonable assumption in many cases that the tenant’s credit scores are not stellar in this economic environment. However, many real estate agents will only evaluate or pull the credit scores, but this seems to be a very limiting technique. In fact, the screening may eventually be ignored by the landlord and their real estate agent in their search for a good quality renter. However, if an agent and the owner will ignore the credit report in their desperation to find a tenant, then what is the point of using that report as your official background check procedure? If you cannot use credit reports, then what can a landlord use to find a good tenant? Ashoka Lion provides a multifaceted tenant screening process based on looking at the tenant more holistically. 1.Confirm Income: Ashoka Lion request tenants to provide proof of income 2.Confirm with Employer: Ashoka Lion contacts the employer provided on the application to confirm employment and wages 3.Confirm Identification: In this day and age of identity theft, Ashoka Lion reviews copies of drivers license to insure that we can match license to the information provided on the application 4.Run Eviction Report: Ashoka Lion will run a search looking for broken leases or evictions filed 5.Run Criminal Report: Ashoka Lion will run a criminal and sex offender search to insure that our properties are rented by people who are not sexual offenders or violent crime offenders 6.Confirm with previous landlord: Ashoka Lion will contact previous landlord to get a report of any issues 7.Review Credit Report: Ashoka Lion will review credit report for the score, but we are also looking to see how many items were sent to collections and when the items were sent to collections 8.Copies of the old lease: Ashoka Lion will request from tenants a copy of their old lease to review that the lease is not being broken, the information matches the application, and the rents amount previously paid is similar to the rent is being requested at this property. As you review your prospective tenant’s background, you will gain a better insight. There is no system that can guarantee that a landlord will find a great tenant 100% of the time. However, our property management firm believes that a thorough review reduces risk and increase the potential for weeding out tenants that will break a landlord’s hearts. We hope that landlord’s will put a emphasis on screening a tenant as every state protects tenants rights to a fair trial and this means that once a tenant has been placed in the property that there are limits to what a landlord can do to remove them. This means that landlord’s will have to wait for notice to be served, a eviction hearing to be scheduled, and time for the tenant to move after the eviction hearing. These delays will only compound the lost rent losses that landlords face when dealing with nonpaying tenants. About the Author:
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Tenant Screening: 8 Things to do to effectively reduce risk
