Protecting Properties Through Tenant Screening Part 3
Posted by Cornerstone on
Minimize conflict and financial loss through strong and reliable tenant vetting practices
Owning rental property can be profitable and rewarding. However, the potential pitfalls and dangers are numerous, any one of which could turn a profitable, pleasant enterprise into a dark, bank-account-draining nightmare.
Cornerstone Properties, acting as landlord or property manager, has many responsibilities that extend beyond fiduciary and maintenance responsibilities and into personal safety, quality of life and the happiness of all tenants in an apartment, condominium or strata.
Proper screening of tenant applicants is essential to create a pleasant, peaceful and stress-free environment for all residents.
Screen for delinquent tenants
Identifying ideal tenants requires digging and analysis into potential renters’ backgrounds through online resources and public information databases.
Cornerstone Properties focuses on a number screening elements, including: credit history; credit score; debit to income ratios; employment verification; rental history; and reference checks.
Cornerstone Properties’ goal is to identify delinquent tenants who have a history of failing to pay rent, have caused damage to one rental units and have a legacy of poor, contentious relations with previous landlords, property owners, neighbors and fellow tenants.
Cornerstone follows up with current and/or previous employers, previous landlords and investigate claims prospective tenants make on their applications. It is not uncommon for high risk tenants to use counterfeited documents and fictitious friends, family and employers for references. For the high-risk tenant, there is no fear of consequence if their ruse is discovered.
If the fraud is successful, the landlord and property owner can suffer severe financial damage and a long bout of misery as they try to extricate themselves.