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If all of the background information checks out, you may want to consider doing a quick phone interview with the tenant. Most of the time, when you show a rental to a new tenant, you focus more on the property than on the potential tenant. By giving prospective tenants a quick call, you can find out more about them as well as their lifestyle.
Do keep in mind that the Fair Housing Act stipulates that landlords cannot discriminate based upon color, disability, family status, national origin, race, religion, or sex. Do you have any tricks for finding the best tenants? All Rights Reserved. Money Crashers. About Money Crashers. Recent Stories. Read more. Advertiser Disclosure X Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which MoneyCrashers. Angela Colley. Views Shares Share This Article. Dig Deeper. Real Estate. Follow MoneyCrashers. Trending Articles. Become a Money Crasher!
Join our community. Share this Article. Find out how to apply here. Angela Colley Angela Colley is a freelance writer living in New Orleans, Louisiana with a background in mortgage and real estate. Her interests include animal rights advocacy, green living, mob movies and finding the best deal on everything.
She blames her extreme passion for never paying full price on two parents that taught her that a penny saved is two pennies if invested wisely.
Tenant Screening - Fast, Easy & Affordable Landlord Background Check & Tenant Credit Check
Next Up on Money Crashers. It used to be that when you wanted to find an apartment for rent, buy a used car, or pick up used, secondhand items For serious fans, football season is tailgate season. Its arrival ushers in a pageant of miniature parking lot pep rallies replete with the savory Latest on Money Crashers. One of its best contact features is that it lets users schedule minute phone calls using a calendar-based system, which functions similarly to Calendly. Per software review site, Capterra, it has a 5-star rating out 37 total reviews. Most of these reviews state the platform is easy to use and has consolidated features.
AAOA Packages Include: Background Checks, Credit Checks, Eviction and Criminal Reports
However, it has received negative feedback for having difficult to reach customer service agents when calling in. Also, some people have wished that this system offered online rent payment options like LeaseRunner. Instead, it provides a consolidated score ranging from 0 to This score is based on many factors like credit scores , criminal backgrounds, public records , income verification, and eviction checks. Also, this figure comes with a recommendation to either accept or deny the tenant. Unlike other competitors, National Tenant Network offers landlords online bill pay which can be used to collect rent and account fees.
Like RentPrep, it also provides investors with large real estate portfolios enterprise quotes and potential volume discounts. This service can be great for those with many properties and who have unique, complex needs. The OFAC or Office of Foreign Asset Control is a US government program that will show if a person has had a history with international crimes like drug trafficking, money laundering, or even terrorist activities. This firm has 35 offices throughout the nation and landlords can access customer support reps via email or phone during the week from 9 AM to 5 PM.
Also, it has received mostly positive feedback for its fast, efficient and seamless processes. Many real estate investors, like those that are involved in real estate forums like biggerpockets, mentioned that the service makes it easy to find qualified tenants. They liked the aggregate DecisionPoint score but thought the service was pricier than other alternatives.
Therefore, budget-conscious landlords that want to see FICO scores should consider using a service like RentPrep instead. SmartMove can be seen as a more complex version of MyRental.
For example, it offers three pricing tiers, but some tools such as the income verification features are more complex. Proof of income can include current pay stubs and tax returns. After calculating this score, SmartMove will either recommend for the landlord to accept or deny the applicant. SmartMove has three pricing tiers which are the basic, basic plus and premium plans. These price points are more affordable than alternatives that charge upfront membership fees with add on services. The basic package includes the credit-based rental score and a national criminal background report.
The basic plus deal adds on the full credit report and national eviction report. Lastly, the premium plan has all the features of the former two but also includes income verification tools, which are very in-depth compared to what other competitors offer. Lastly, these features can be paid by either the tenant or landlord. However, it does let customers ask inquiries via the contact form.
Some users thought that the team answered the form-based inquiries in a helpful and prompt manner. Also, others liked that this company uses TransUnion , which is a premier credit reporting agency. Per Biggerpockets, it has poor feedback for some refund and buggy system mistakes. However, a client representative was active on this forum and offered to refund the entire amount based on this mistake. This shows that this company wants to do right by its customers by saving face. Real estate is an important asset class that can be used by business owners to grow their businesses as well as serve as another source of revenue through rental income.
So, it makes sense to use every possible resource like a tenant screening service to ensure that every prospective tenant is clean, financially sound, and respectful. Consider using one of the firms discussed here as this will likely prevent any unforeseen consequences caused by bad tenants.
How We Evaluated the Best Tenant Screening Services
Access to information regarding the creation of a small business can help people plan wisely and avoid common pitfalls. Best Tenant Screening Services — Usually, these can take several days to complete and involve conducting in-person interviews, pulling credit reports, speaking with past employers and chasing down public records. Another positive byproduct of this is that landlords can sign tenants quicker than those that use slower methods. Fortunately, many of these firms employ licensed real estate agents who are knowledgeable of these changes.
What Landlords Really Look For in a Credit Check - NerdWallet
For example, these workers are well versed in the Fair Housing Act and its sub laws. This will allow them to find quality tenants while being compliant with major regulations. They like to even repair their toilets, dishwashers and even conduct background checks without hiring a professional. This is a noble mentality, but it enforces that using a third-party provider takes power from the landlord. This might be fine for those that like to outsource tedious tasks, but unsuitable for those that like to interview candidates in person.
Many old fashioned landlords like to interview tenants in person so they can get a feel for them. So a good tenant might have a less than perfect credit score, but the screening service would reject them immediately. This could allow qualified tenants to slip through the net.
If yes, then it could mean that this person is unreliable. Similar to this, does this person have a history of consistent income that increases or at least stays the same over time? This will show if the person is a stable renter or moves around constantly. Landlords can also use this section to verify their history and character with past landlords as well.
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Also, use this section to see if this person has any felonies or misdemeanors. Small, infrequent misdemeanors might not be a sign of trouble, but definitely reconsider working with someone who has a felony or felonies on his or her record. These ratios will help landlords understand how easily a tenant can pay his or her bills, which include debts. It will provide an insight into if he or she can afford to rent the property. Also, consider having an applicant list out all assets and liabilities that he or she owns like savings accounts and credit cards, respectively.
MyRental Overall Rating: 3. Price MyRental offers three premier packages at affordable packages which are at a flat rate per applicant. Customer service Customers have the option to either contact MyRental via online chat, phone or email during the week, excluding Sundays.
Tenant Screening
RentPrep Overall Rating: 4. Price RentPrep has affordable pricing considering the additional features they give property owners. Customer service RentPrep has a variety of customer service channels which include live chat, email, and phone service. LeaseRunner Overall Rating: 3. Customer service LeaseRunner also has an intricate support system that has many helpful articles that answer common questions.
TurboTenant Overall Rating: 4. Customer service Prospective buyers can contact customer service via email, online chat, contact form or through a phone appointment. National Tenant Network Overall Rating: 3. Customer service This firm has 35 offices throughout the nation and landlords can access customer support reps via email or phone during the week from 9 AM to 5 PM. SmartMove Overall Rating: 3. Price SmartMove has three pricing tiers which are the basic, basic plus and premium plans.
Bottom line Real estate is an important asset class that can be used by business owners to grow their businesses as well as serve as another source of revenue through rental income. Share this post.