Seeking a trustworthy tenant is one of the most pivotal considerations of retaining a lucrative Warminster rental home.
For certain lessors, the “right tenant” is someone with a near-impeccable credit score. They make their tenant approval decisions based from the idea that an important credit history is an indicator of a financially stable future. While credit scores are important, they don’t tell the whole story. A landlord may forgo an otherwise reliable tenant if too much significance is set on their credit score. Recognizing other things to look for when screening applicants can help assist recognizing tenants instantaneously.
When screening rental applicants, property owners are right to want to learn more about the tenant’s financial situation. A credit report can propose a wealth of insights over a mere credit score, findings that an owner can use to determine whether or not the tenant is likely to make their rental payments in full and on time. For instance, late payments on an account that is now current can bring a credit score down but also shows that the applicant is now paying their bills on time.
While former vehicle repossession or a credit card charge-off is a hindrance for the majority of property owners, it is paramount to not lose sight that many people were ruined several years ago due to the Great Recession. Though they’re not to blame for this, they may have lost their livelihood or homes, but have since found secure jobs and restored their credit history as well. Or, conceivably a previous medical emergency triggered the applicant to fall behind on their medical bills or student loan payments, but they’ve made decent financial choices since then. In this state, the score might be a menial circumstance than the tenant’s payment history over time. A few gaffes many years ago should not discredit an otherwise good applicant.
To get the whole picture, it’s critical to accumulate evidence from the petitioner that is not on the credit report itself. If the likely tenant has grounds for their lower credit score, such as those mentioned above, that may be grounds for considering them as a likely tenant. At the same time, property holders must always supplement an applicant’s credit report with references who can defend to their ability to pay. If an applicant has a strong history of paying rent on time and a stable income, these factors may be better indicators of how they would do as a tenant than numbers on a credit report.
Tenant screening can be an intricate process, particularly for single-family rental households in Warminster. Property holders commonly want someone who will be a stable, long-term tenant, making the choice an even more perilous one. At Real Property Management Prosperity, we perform a thorough screening on every applicant, from credit reports and beyond. Our property management professionals know what to search for, and how to choose the exact tenant for every rental property we supervise. If you would like to learn more about our screening process or would like to talk to someone, please contact us online or by phone at 267-433-4200.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.