Good tenants are key to having a successful investment property. That’s why it’s important to properly screen all potential tenants.
At Advanced Asset Management, Inc., we have a comprehensive tenant screening process. The process helps ascertain every tenant’s suitability to rent your property.
An ideal tenant is one who is respectful, responsible, mature, honest, and pays rent on time.
Besides the screening process, we also make use of a pre-screening process. This helps save time by eliminating unqualified tenants early on in the leasing process. We also make sure that all of our screening processes adhere to Nevada Fair Housing Rules.
Below you’ll find the criteria tenants must meet to quality for your rental property:
Ability to Pay Rent
Rent collection is the lifeblood of any rental business. Without rents coming in, you may not be able to pay for expenses like property taxes, insurance, and mortgage.
That’s why Advanced Asset Management is keen on verifying a tenant’s ability to pay rent. To assess an applicant’s capability, we look at their income as well as their credit and employment history.
We require that all applicants make at least twice their monthly rent as income. For example, if the rent is $1,200, then we only accept applicants who make a minimum of $2,400 a month.
Checking a tenant’s credit history is also part of our tenant vetting process. A good credit history shows that a person is trustworthy and responsible. It’s earned when one uses credit wisely.
This helps confirm a tenant’s current employment as well as the previous employment history.
Tenant’s Rental Background Check
The next thing we look in the screening process is the tenant’s rental background. We look at three things in this regard: criminal, eviction, and rental history.
We consider a tenant’s criminal history on a case-by-case basis and may exclude tenants with specific convictions.
Tenant evictions are not something we want our owners to experience so we do our best the prevent.
Checking a tenant’s eviction history is also critical. An eviction history can be telling since prior evictions are highly predictive of future evictions.
Again, past history is the best indicator of future actions. Property damage reports, lease breaking, and late rent payments can quickly tell us what kind of tenant he or she is.
Once the tenant passes the two processes, we then move onto the next phase of the leasing process.
Lease Agreement Signing
A lease agreement is a legally binding contract between Advanced Asset Management, Inc. and the tenant. It contains rights and obligations of both parties during the period of the tenancy.
We always advise the tenants to read and understand all the terms and conditions of the lease before signing it. Our team is always available to answer any questions the tenant may have.
Security Deposit and Rent
Security deposits help cushion property owners against property damage resulting from a tenant’s carelessness or negligence. We require that tenants have the deposit and the rent amounts ready prior to signing the lease.
Pet Deposit Payments
We have a pet policy that explains what kind of pet is allowed on the properties we manage. The policy limits the pets on the basis of number, type, and size.
Our tried-and-proven screening process results in reliable tenants who pay on time, put less wear and tear on your property, and generally cause fewer problems.
Property owner’s often make the mistake of undervaluing the overall tenant screening process.
Don’t be one of them.
Good tenants are the lifeblood of your rental investments.
If you’re looking for a trustworthy property management company to help you, give us a call!