Tenant Screening Process – Memphis Landlord Education
One of the most important things to you as a Memphis landlord and investor is to make sure you have a good tenant in place. There are a couple of things you can do to make sure you get the best Memphis tenants possible. Today, we’re telling you about the screening process we use at Lubin Property Management.
Property Management Memphis: Rental History
When we check credit during the screening process, we also run a rental check. That checks to see if the applicant has ever been evicted or sued by a former property manager, or if they owe any outstanding debts to another property management company. We also send a form via fax or email to the current landlord to verify where the tenant presently lives and to find out if there are any problems. If it’s a private landlord and not a company, we verify that the landlord is the person who owns the property. Taking this extra step is important so you know you’re talking to the right person.
Property Management Memphis: Credit Checks
Next, you want to run a credit check, and you have to know what you’re looking for. It’s important to check for any outstanding debts or missing payments. You want to know what kind of money the applicants owe and to see their debt to income ratio. Look for bankruptcies because it tells you what you may be dealing with.
Property Management Memphis: Verify Income
Checking income is another important part of the tenant screening process. We like to see at least three times the rent before taxes in order to approve someone for one of our Memphis rental properties. So, if someone is renting a place for $500,they need a job or some type of assistance that will bring in at least $1,500 a month to support the rental amount.