Property Matrix is dedicated to protecting your rental property investment by incorporating tenant screening reviews as critical components of our property management software. A single bad tenant can wreak havoc on your rental income by defaulting on payments, damaging property, forcing you to pay eviction fees and the costs incurred trying to fill the vacancy.
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Tenant screening reviews are handled through a partnership with Experian Connect, one of the leading credit reporting agencies in the United States. There is no charge to discover if your potential resident is being truthful on their application or if they’re trying to hide bad credit. Applicants are responsible for purchasing their own credit report and providing you with 30-day access to all their background information. This typically private information will help uncover any discrepancies in their identity or income. It will also give you better insight into how the applicants have treated other creditors – delinquent rent payments, evictions or perhaps even a great credit record to confirm they are the right tenants for you.
Centralized reports are integrated with your property management software and delivered with real-time data. You can customize credit checks to include all applicants with basic financial information or add a la carte items to dig deeper when you find discrepancies. Confirm details such as identity, address, credit score, credit history, delinquencies, credit to income ratio, outstanding loans, evictions and bankruptcies. With our high-quality tenant screening process, you can gather sufficient information about a potential renter to make an informed decision and avoid problems in the future.
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Property managers, owners and landlords can have the assurance they need to make sure a rental applicant will honor their agreement. It’s vital that you also do screening checks on all adults who will be living at the property. Keep everyone honest and avoid a bad tenant from hiding behind a good tenant’s reputation.
You can save thousands of dollars each year by learning what to watch for when examining tenant screening reviews:
- Previous address tenant history – hiding information can be a red flag about unemployment, incarceration or eviction proceedings.
- Incorrect name and address for current or previous landlord – this may signal a current eviction notice. The grace period between notification and eviction may have provided an opportunity to find a new rental.
- The credit profile should match the tenant’s application – marital status, employment history, age and Social Security number. Ask questions if any of these details vary.
- Needs to pay the deposit in installments or in cash – either the applicant lacks the necessary income to rent the property or they’re involved in an illegal occupation.
While you can never be 100 percent sure your new tenant won’t run out on the rent or destroy your property, but setting up automatic tenant screening on your program will provide peace of mind for the majority of applicants. Try it now, and start saving money today.