HomeVestors Knows That Screening Tenants Requires A Step-By-Step Approach

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Take the necessary time when putting tenants through a screening process to make sure that they are telling the truth. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property investors should put forth a full effort when running tenant checks.  Those investors who know what red flags to look out for when screening tenants are able to avoid bad tenants that can ruin a rental.

The first step of screening tenants involves putting them through a phone interview or meeting with them in person.  During this initial interview, ask them questions that would reveal information that would bar them from renting here.  This will be able to narrow down potential tenants and can avoid the time commitment required to screen tenants.

After showing a tenant a rental, the next step of screening tenants involves giving them an application form.  Most rental property owners charge an application fee, as it can reduce the number of bad tenants and help to pay for the screening process.  A standard fee of $35 to $50 is generally acceptable and most good tenants are willing to pay this.

After receiving the completed application, the process of screening tenants becomes technical.  While many rental property owners like to submit a tenant’s application to a professional screening company, this is bound to cost a bit more.  For this reason, many rental property investors opt to perform the screening process themselves.

First start with the credit check when screening tenants.  If this comes back with positive results, begin the criminal history, employment and previous rental experience background check.  If all of these reports come back with a positive spin, start to dig a bit deeper into the information provided on the application.  Consider contacting the individual listed under previous rental history.  The key is to make sure that one is talking to the correct individual so do some research to find valid contact information and don’t necessarily trust the information as provided.

When contacting employment sources, do what is necessary to talk to the HR department.  Contact these individuals through company literature and ask the necessary questions regarding a potential tenant.  If a potential tenant appears to be truthful on their application, the screening process can come to a close and the tenant should be notified about their acceptance.

Rental property investors who understand the importance of screening tenants are bound to find that this drawn out process is worth the effort.  Those investors who focus on obtaining high quality tenants are able to benefit from the fruits of their labor.

About HomeVestors of America Inc.

Dallas-based HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with 50,000 houses bought since 1996. HomeVestors trains and supports its independently owned and operated franchisees that specialize in buying and rehabbing residential properties.  Most commonly known as the “We Buy Ugly Houses®” company, HomeVestors strives to make a positive impact in each community.  In 2012, for the seventh consecutive year, HomeVestors was among the prestigious Franchise Business Review’s “Top 50 Franchises,” a distinction awarded to franchisors with the highest level of franchisee satisfaction.  For more information, visit www.HomeVestors.com.

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