3 Reasons Tenant Screening Is Important For Property Owners
Tenant screening is an important process in property rental that needs to be carried out by property owners. Tenant screening ensures that potential tenants are eligible to inhabit the property. Unfortunately, many property owners ignore this process. Here are three reasons why property owners need to conduct tenant screening:
1.Safety and reputation
You don’t want your leased property to engage in illegal activities that cause security and reputational issues. To minimize these risks, tenant screening checks the reputation of potential tenants. The checks include, among others, the verification of personal identification, criminal check, and financial regulatory check.
2. Reducing the risk of default
Credit scoring and bankruptcy checks can also be conducted for prospective tenants. Through credit scoring, property owners can assess the skills and abilities of their prospective tenants in managing their debts. That way, they can reconsider accepting tenants who have a poor track record of debt management.
3. Reducing the risk of property damage
After handing over the property key, it means that the tenant has 100% access to your property. That also means the property is exposed to the risk of damage. Apart from the aforementioned checks, tenant screening can be conducted through interviews with the previous lessors of the prospective tenant. This interview can help the property owner learn about the behavior of the potential tenant, such as his/her accountability over settling rental obligations, whether he/she previously caused damages or public disturbance, and other track records.
Integrity Asia has almost twenty years of experience in the compliance field. With a comprehensive system, we can assist you in screening and conducting background checks on your potential tenants.
Don’t leave your environment and property at risk, do tenant screening today!