3 Reasons why tenant screening is important

Homes in the State of Washington have been historically highly priced, driven primarily by a scarcity in housing stock. This situation drives more people in the area to consider renting – but even opportunities for renting in the state are also becoming scarce. 

If you are a landlord in Chelan County or if you plan to enter the rental housing market, you’re up for a windfall in profits from your investment. To make sure your investment is protected, screening your prospective tenants is highly recommended. Here are some things that make tenant screening an important part of the leasing process:

To know the applicant’s financial situation

Nothing’s more stressful than a tenant who’s almost never on time when paying their monthly dues.

To avoid getting tenants like this, you can look into an applicant’s financial background. This will include asking them for proof of their credit score, current employment status, and total monthly income. The level of stability of their finances will not only indicate their capability to afford their monthly rent but also assure that they can pay on time.

Some applicants, however, may be expecting a positive change in their financial situation in the near term compared to their current status. In cases like this, you can accept their application on the condition that they have a co-signer also agreeing to the lease contract.

To avoid potential problem renters

One of the biggest headaches in leasing property is dealing with problem renters. These are the kind who often get reported by neighbors for being too noisy, too intrusive, too rowdy, or even too shady.

While your tenants’ personal problems or feuds won’t necessarily put a dent on your bottom line, remember that part of your responsibilities as a landlord is to make sure that your tenants are living happily in your rented living spaces. Thus, you’ll want your tenant roster to be devoid of characters like these problem renters.

One of the first things you should do is to see if your potential tenant has a criminal record. Someone who has had serious brushes with the law could not only get you into legal trouble if they continue their misdeeds on your property but could also endanger the safety of other tenants and their personal belongings

As for the nosy, noisy, and rowdy types, reaching out to applicants’ previous landlords for feedback will allow you to thresh out these potential disturbers of the peace. 

To minimize damage to your property

Feedback from applicants’ previous landlords can also help you to determine if a potential tenant is one who takes care of your property as if it were their own. 

One question you can ask the former landlord is if they were still able to return the tenant’s security deposit. If this fee was returned to the tenant after moving out, then this goes to show that no repairs were needed in the said tenant’s living space after they vacated it. 

Find the right tenants with Coldwell Banker Cascade Real Estate

The task of finding the right tenants for your property is not an easy job, especially if you don’t have the time to do it yourself. But in the areas of Wenatchee, Leavenworth, Lake Chelan, and Cashmere, you have real estate firms and property management teams like Coldwell Banker Cascade Real Estate that can help you in your search. Call them today at 509.888.8887 or send them an email at info(at)cbcascade(dotted)com
to know more.