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How Far Management Companies Should Dig When Screening Tenants

When you own a property, you need to make sure that you do everything you can to keep your income steady. You need to make sure that you have quality tenants staying in your property at all times, and tenant screening is a great way to make sure this happens.

Criminal Record

When screening your tenants, you should check for the obvious. This includes a criminal record check. Check for things such as violence, property abuse, substance abuse and reckless behaviour. If someone has a speeding ticket, then this is no reason to deter them from your property. You should only deter tenants who have outstanding violations that could pose as risk to either your property, or your other tenants.

Property Missed Payments

Another thing you should look for is property missed payments. You don’t want someone staying in your property that is incapable of making payments. Your property management company will be able to dig into this, seeing how far the payments go back. If a tenant has only missed one payment, then you have no grounds to reject them if everything else is in order.

Property History and Past Landlords

Another thing you should look into is the history the tenant has with other landlords. If you find that the tenant has a history of jumping between properties at short intervals, then you may want to avoid them. Tenants who hop between properties at regular intervals will hinder your profits, and it is much better to have one long lasting tenant as opposed to several who move in and out all the time.

As you can see, these are the main things you should focus on when digging into the history of the tenant. Failure to do so could leave you with a troublesome tenant, who disrupts your profits and your property on a regular basis. Only screen the tenant for the things that would hinder your investment. Rejecting a tenant on basis of something that is irrelevant, such as a shoplifting charge when they were young would not be practical to your investment. The criminal offense has nothing to do with their reliability as a tenant, especially if it was committed some time ago.

Top Reasons You Should Always Screen Tenants

There are many reasons why you should always screen your tenants, one of the reasons it is so important is you never know if someone has a criminal background or poor credit. If an occupant has a criminal record they could cause serious problems to other tenants which in turn can harm your reputation. A great way to make sure that your occupants are screened properly is to hire the services of a reputable property management company.

Poor Credit History

A main reason why you should screen your occupants is because of credit history. If a tenant has a history of missing rental payments then you should not want this tenant in your property. They may have a poor income, and not be able to make them consistently. This will hinder your investment, being something you want to avoid.

Keeps Your Property Safe

By screening a tenant, you can read up on their past experiences with other investors. If they have a history of property abuse then you know to avoid this tenant. Without tenant screening, you would be stuck with this tenant and you will lose money on your investment. Screening is a valuable tool to have, and you should always use it to your advantage.

Liability

Screening enables you to assess the liability of a tenant. For example, if this tenant commits a crime against another tenant, you could be sued for not performing a screen. This would have prevented the crime from happening, giving you every chance of securing quality tenants.

Long Lasting Tenants

Another reason why you should screen your tenants is because you can then determine if they are going to stay in your property. Tenants who come and go will again hinder your profits, and you will gain a much more steady income if you have a long lasting – quality tenant.

Type of Tenant

Another reason why tenant screening is useful is because you can then find out what type of tenant they are. For example, you may not want an excessively loud tenant who throws parties when you live in a quiet residential area. Screening is a great way to see whether your tenant is the right fit or not, giving you every chance of success with your investment.

Pros And Cons Of Sharing An Apartment

Many of us have had to have roommates at some point in time, be it a family member, first year college roommate or willing friends looking for cheaper rent. Living with other people can be a great experience, but it can also be unfortunate! Here are a few pros and cons to sharing an apartment, from the emotional to the practical.

If you have ever been paired with a roommate you didn’t know you will understand the trepidation that comes with that first meeting during move-in day. Some of my classmates found lifelong best friends in their first year roommates.

I never heard from mine again after she switched schools halfway through our freshman year. Moving in with someone you don’t know can be a pro and a con; on the one hand you could meet an awesome friend and get along fantastically, or you could end up hating each other. When it comes straight down to it, it’s a matter of chance in this scenario.

The pros of sharing an apartment with a roommate is that if you two get along, you could really have a fun time living together. You can share the costs of common furniture items like couches, a TV, kitchen appliances, and groceries, or pool the items you already have together to furnish your apartment. You can agree on a cleaning schedule to balance apartment tasks between you and basically choose your own rules regarding how you two are going to coexist happily in your shared space.

Sharing an apartment with a roommate can be great for planning activities like game nights or dinner parties, especially if you have friends who get along with each other. In addition you can also set up a cooking schedule so that you share cooking duties with each other during the week.

If you are like me sharing an apartment with a roommate, even a friend, falls solidly in the ‘con’ department. I have successfully lived with roommates but, given the choice, would much rather live by myself! Unfortunately if you live with friends you might find yourself beginning to grow annoyed with some of the habits you didn’t know they had before you lived with them. Everyone has different expectations for various parts of life and you might find yourself disagreeing over the silliest things.

Sharing an apartment with someone who is a morning person when you’re a night owl can cause difficulties, especially if your work or school schedule is affected. Sharing an apartment with a roommate means having to be aware of the other person, compromise some of your freedom, and occasionally leave work early to unlock the door when they’ve forgotten their keys.

All things considered there are pros and cons to any living situation, and sharing an apartment with a roommate is no different. You might find that this works out wonderfully for you and your roommate, or you will figure out that living with other people isn’t something you want to do anymore.