As an investor or property owner in Atlanta, the integrity of your tenants holds the key to the success of your rental property. It is every rental owner’s dream to have responsible tenants who consistently fulfill their financial obligations, maintain the property well, respect the neighborhood, and adhere to the lease terms.
These favorable circumstances contribute to financial stability, property preservation, a harmonious community, and a stress-free experience. Ensuring a thorough screening process allows you to proactively select tenants who align with these desirable qualities and avoid potential pitfalls that may divert your focus from growing your real estate portfolio.
Moreover, it allows you to assess applicants’ financial stability, rental history, and character traits, enabling you to make informed decisions about their suitability as occupants of your Atlanta property.
Here are a few effective screening tips to find the tenants who are the best fit for your Atlanta property.
Know Your Ideal Tenant Profile
Understanding your ideal tenant profile before initiating the screening process for your Atlanta property is of utmost importance. It allows you to tailor your advertising efforts and target individuals who align with your desired criteria.
Moreover, having a clear tenant profile saves time and increases efficiency. Instead of reviewing applications from candidates who may not meet your requirements, you can focus on those who align with your ideal tenant profile. This streamlined approach allows you to allocate your resources more effectively and save time on applicants unlikely to be a good fit for your property.
Consider local market demographics, learn from past experiences, seek professional input, and balance criteria flexibly. It can help you better understand the characteristics and attributes you seek in tenants for your Atlanta property.
Craft Full Rental Applications
A comprehensive rental application is a crucial tool in the tenant screening process. It is a formal document that collects essential information from potential tenants and helps landlords assess their suitability for the rental property. Landlords can collect valuable information about potential tenants, including personal details, employment history, income verification, references, and consent for background and credit checks. A rental application ensures landlords follow fair housing laws and maintain a standardized screening process.
Screen Tenants Through Background Checks
Background checks involve verifying information such as employment history, rental history, criminal records, and eviction records. This comprehensive examination allows you to assess the applicant’s background and evaluate their potential as a responsible tenant. It helps you uncover any preexisting issues, such as rent payment delinquency or property damage caused by the applicant, helping you assess their risk level.
To conduct comprehensive background checks, consider working with a reputable property management company that specializes in tenant screening. This collaboration can ensure thoroughness, accuracy, and compliance with legal requirements. Following proper procedures, verifying information, and considering multiple sources for validation are essential steps in the process.
Perform Credit Checks
In addition to conducting a background check, assessing a potential renter’s credit history is necessary for the tenant screening process. Credit checks provide landlords with valuable information to make informed decisions. It helps you evaluate a potential tenant’s sense of financial responsibility and payment habits. Additionally, reviewing the applicant’s credit history offers insights into their ability to manage finances and make timely rent payments.
A solid credit history indicates a reliable tenant, one who regularly meets their financial obligations. It reveals payment patterns, including any history of late payments or defaults. This information helps landlords assess the likelihood of receiving consistent and on-time rent payments. If an applicant has a track record of financial irresponsibility, it can be an immediate red flag.
To ensure legal compliance, landlords must obtain written consent from the potential tenant before conducting a credit check. Safeguarding sensitive information, such as Social Security Numbers, is crucial for maintaining privacy and adhering to legal requirements.
Contact and Verify References
Another crucial step in the tenant screening process is contacting and verifying references. This step involves requesting references from potential tenants and following up with them. Contacting references provides landlords with valuable insights and helps them make informed decisions.
When requesting references, asking for current and previous landlords is essential. Not all applicants may provide genuine references, so following up and conducting due diligence is necessary. While relying solely on the current landlord‘s input may be tempting, it’s essential to go beyond that and speak with the previous landlord.
Speaking with the previous landlord offers valuable information about the applicant’s rental history, payment behaviour, and overall tenancy. During the reference check, landlords can inquire about various aspects, such as the applicant’s rent and the square footage of the property they rented.
Cross-referencing this information against property tax records helps ensure the authenticity of the landlord and prevents potential misrepresentation.
Follow Fair Housing Laws
The Fair Housing Act is designed to stop discrimination in housing based on race, color, religion, sex, national origin, familial status, or disability. Landlords need to understand and abide by the FHA’s regulations to ensure equal treatment and opportunities for all applicants.
Adhering to these laws is essential to ensure landlords do not discriminate against potential renters based on protected characteristics. It helps you avoid claims of discrimination and legal consequences. Denying applicants the ability to rent a property based on prejudiced opinions is both ethically and legally wrong.
By following fair housing laws, landlords can create a welcoming and non-discriminatory rental environment, fostering diversity, inclusion, and equal opportunities for all applicants.
Opt for Professional Help
Following all the above screening tips can help you ensure that you will have the best tenants for your rental property and that your and your tenants’ rights are protected. However, if you find it challenging to conduct a compliant and stringent tenant screening process by yourself, hiring a professional property management company can be a promising option.
Silas Frazier Realty, LLC is a full-service property management company serving in Atlanta, Snellville, Stone Mountain, Lilburn, Conyers, Smyrna, Marietta, Lithonia, Jonesboro, McDonough, Vinings, Brookhaven, and Tucker.
With 20+ years of experience in the industry, our team helps landlords develop screening criteria, market the rental property, handle inquiries and applications, and perform comprehensive background checks.
Contact us at Silas Frazier Realty, LLC to learn more about our fully-compliant screening process in Atlanta.
