Searching for a dependable tenant is one of the most important experiences in obtaining a gainful Leander rental home.
For some property owners, the “right tenant” is someone with a near- pristine credit score. They make their tenant approval judgments formulated on the concept that an admirable credit history is a promise of a financially stable fortune. While credit scores are important, they don’t tell the whole story. A property-owner might disapprove an otherwise good tenant if too much prominence is allotted to their credit score. Perceiving what other matters to look for for when screening applicants can help recognize ideal tenants in an instant.
When screening rental applicants, property owners are correct to want to know more about the tenant’s financial situation. A credit report can provide a score of intelligence beyond a simple credit score, findings that an owner can use to decide whether or not the tenant is credible enough to make their rental payments in full and prompt. For instance, late payments on an account that is now current can bring a credit score down but also shows the applicant is now paying their bills on time.
While a previous vehicle repossession or a credit card charge-off is an impediment for many property owners, it is imperative to be mindful that many individuals were affected by the Great Recession several years ago. Although this is not an oversight of their own, they may have lost their jobs or homes, but were able to reclaim permanent work and have managed their financial records well. Or, imagine a previous medical emergency compelled the applicant to fall behind their medical expenses or student loan expenditures, but they’ve made better financial choices afterward. In this situation, the score could be a small part compared to the tenant’s payment history over time. A few lapses decades ago should not bar a worthy applicant.
To get the whole picture, it’s paramount to get information from the applicant that is not on the credit report itself. If the tenant has a decent reason for their low credit score, such as those stated above, then that may be a reason to put them under consideration. Also, property owners should consistently supplement an applicant’s credit report with references that can support to their competency. If an applicant has a strong history of paying rent on time and a stable income, these factors may be better indicators of how they would do as a tenant than numbers on a credit report.
Tenant screening can be a difficult undertaking, notably for single-family rental homes in Leander. Property owners, in general, want someone who will be a stable, long-term tenant, making the commitment an even more stressful one. At Real Property Management Advisors, we carry out a thorough screening on every candidate, from credit reports and beyond. Our property management experts know what to seek for, and how to recognize the right tenant for every rental property we manage. If you would like to learn more about our screening process or would like to speak to someone, please contact us online or by phone at 512-777-2597.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
