The Importance of Tenant Screening

Aside from selecting the right  residential investment property, the most important task in securing your financial return of your investment is TENANT SCREENING.

Renting residential property is much more than placing a “For Rent” sign in the yard and moving in the first person that shows interest in your property. Without proper screening, you are setting yourself up for a nightmare. Your tenant screening should be a two step process:

  • “Pre-Screening” at the first contact made with a prospect. This allows you to not waste time on an unqualified prospect.
  • Application Processing: As a landlord or property manager, you should require that all prospects complete an application and consent to at minimum a credit and criminal background check.

Proper application processing and tenant screening can reveal information about a prospect that they may have forgotten to mention while they were telling you how great of a tenant they are.

It is also important that you familarize yourself with laws governing the tenant screening process.

At Principal Realty Group Property Management, we have a written resident selection criteria that meets the Fair Housing Administration guidelines. Through our rigours screening procedures, all applicants must meet our criteria in credit, criminal background, rental history, employment/income verification and character reference before they are moved into your property. We do all of this at no cost to you the owner, whether we manage the property or not.

For more information or to request the processing of an application, please visit our website at www.PrincipalRealtyMgt.com

Coming Up: 9 Warning Signs of a Bad Tenant

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