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Why Tenant Screening Is a Must for Landlords

When it comes to owning a rental property, any property management expert will tell you that finding a qualified renter should be one of your primary goals. Continue reading to learn a few reasons why tenant screening is essential for landlords.

Secure Income

As you look for a new tenant for your residential or commercial property, it’s critical that you choose one who has a history of paying rent on time. For this reason, tenant screening is invaluable when it comes to protecting your source of income. Running a credit report, for example, will give you insight into the individual’s bill paying habits, financial responsibility, and debt-to-income ratio. Also, consider asking for documents that prove your applicant has the qualities of a good renter and meets your property’s income requirements, for example in the form of pay stubs and job references.

Protect Your Property

Another important quality to look for in potential tenants is a good rental history and background. For these reasons, you may want to include eviction reports and criminal reports as part of your screening process. Furthermore, consider requesting past landlord references to get an idea of the individual’s history as a tenant and whether they might damage your property.

Protect Yourself

Tenant screening offers you an excellent way to protect yourself, your property, and your income stream. To maximize these effects, it’s important to educate yourself regarding landlord-tenant laws. Awareness and understanding of fair housing laws and any state and local regulations that are in place are essential for your success as a landlord and critical for the tenant screening process, as this is an area governed by federal laws. To ensure that you understand tenant screening laws and get the most benefit from the tenant screening process, you may benefit from working with an experienced property management company.

The hands-on property managers at MRS Property Management can help take the frustration and guesswork out of tenant screening. For information about our company’s property management services serving Beverly, MA, please call (978) 927-3690.

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