If you own rental property in Albuquerque, NM, it's crucial to make sure you're screening all of your tenants before approving their applications. According to statistics, the global tenant screenings market is expected to reach $8.1 billion by 2027.
A tenant criminal background check is one important part of the tenant screening process.
Read on to learn more about how we screen your rental applications, so you feel confident about renting your property.
Identity Verification
The first step of the tenant screening process includes verifying that the applicant is who they say they are. This is done through two major types of verifications: their social security number and by verifying their government-issued identification.
This simple step is extremely crucial since it helps to prevent fraud or other serious issues that could affect you in the future. By verifying an applicant's identity first, we can confirm that they are legitimately the person applying on paper.
Ability to Pay
All rental applications should not only be able to afford their monthly rent but should also be able to prove that they can do so. We use several pieces of data to do this including verifying their employment.
A pay stub is another great way to ensure that applicants are making the appropriate amount of money based on their monthly rent. We'll also verify their income with their employer just to double check that everything is accurate and up to date.
Payment History
Part of the screening process also includes checking the applicant's credit score. This will ensure that they have good credit and a good track record of paying previous bills on time. A higher score means that the new tenant is likely reliable and should pay their rent on time.
Our property management company also checks their previous address history and performs a public records search. We also run a national eviction search to verify that the applicant has not been evicted from a different property in the past to help build trust.
Tenant Criminal Background Check and More
After verifying the applicant's previous landlord, we'll perform a tenant criminal background check. This process includes running a national criminal search, a national sex offender search, and an international terrorism database search.
It's important to note that criminal checks only look into actual convictions. We also make sure that every single application we process is done without any regard to the applicant's race, color, religion, sex, familial status, or national origin. It's imperative to follow the Fair Housing Guidelines with every tenant screening.
Get Peace of Mind
From a credit check to a tenant criminal background check, the tenant screening process is key to a successful property management venture. Doing these checks ensures that all of your new tenants are reliable, trustworthy, and stable.
With the right screening process, your applications in Albuquerque, NM will be a perfect fit. You can rely on PMI 4U to help with all of your property management needs, so be sure to contact us today to find out more.
