April 05, 2018

How to Streamline Tenant Screening

Tenant screening can be a time-consuming, labour-intensive process. It’s also the last place you should look to take shortcuts.

Securing quality tenants who pay their rent on time is critical to protecting your operating income. It’s far too important to leave to chance.

You might be tempted to skip the credit check when a potential renter makes a positive first impression. But don’t be fooled: Good manners, nice clothes and an impressive job title don’t reveal a person’s monthly expenses or long-term debts. Professional renters have mastered the art of illusion; they know exactly what to say and do to present themselves as ideal renters.

No matter how good a prospect appears, on paper or in person, you should never shortchange the tenant screening process. But here’s the good news: You can take steps to make the process more effective and efficient.

 

Tenant Screening 101: The Fundamentals of Securing Good Renters

Be upfront in your advertising. Clearly indicate in all ads that your application process is rigorous and that you require valid documentation. Mention that you run credit checks for all applicants; it will help keep professional renters away.

Capture ALL the information. It’s important that your applications capture all the information required for a credit check. With an online application form, you won’t have to worry about incomplete or missing applications. Instead, you’ll have a digital record of everything you need to determine which prospects are a good fit for your properties. This includes information about co-applicants and guarantors, as well as employment history. Professional tenants often provide false employment information, so be sure to follow up with references and past employers.

Automate the process. Property professionals can save time and money by automating the screening process. Eliminating manual tasks, like phone calls and faxes, helps avoid delays, reducing vacancy rates and ensuring that good prospects don’t turn to other properties.

 

How Property Vista Helps

At Property Vista, we provide intelligent, state-of-the-art credit check protocols. Our system uses a leading-edge algorithm to analyze factors such as credit score, debt, income and required rent. In a matter of seconds, you can accurately assess applicants, co-applicants and guarantors, enabling you to make informed leasing choices.

If you’d like to reduce vacancies, and attract and retain top quality tenants, all while improving your cash flow and bottom line, we can help. To learn more, get started here.

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Devika Kabe

Financial/Administrative Assistant, Katalyst Real Estate Corp.

Describe your experience in a few words

Takes off the administrative burden of physically entering leases, very helpful customer service

What do you like the most about the software?

Ability to automatically collect rent monthly through auto-pay, pulls out rent from tenants bank account