Tenant Screening Process
For every rental property owner, finding responsible, reliable tenants to lease their residential homes is essential. At our top-rated property management service company, thorough tenant screening is our highest priority. To assure our clients of reliable cash flow, low vacancy rates, and proper care of their properties, we follow a rigorous, proven process to screen prospective tenants before presenting them to our clients. For individual property owners, proper tenant screening is a tough job, making effective, accurate screening one of the primary reasons to trust management of your Minnesota home to an experienced, professional property management company.
Any tenant who leases your home should be able to pay the monthly rent reliably and consistently. Tenants should also be adults who have demonstrated that they take their financial responsibilities seriously, and should be good citizens with no criminal record. Our goals are the same as our clients’ goals. We screen prospective tenants extensively, so you can count on long-term renters who will pay their rent regularly, take care of your home responsibly, and be considerate neighbors in the community. Our results are demonstrated by our low eviction rates. In 2010, for example, we had zero evictions, on over $100 million of residential properties under our management. On average, we have fewer than 5 evictions annually. Here are the steps we take to assure our clients of trustworthy, responsible tenants and continuing cash flow from their property:
How Our Minnesota Property Management Company Screens Tenants
- Our Rental Application Process for Minnesota Tenants Gets the Facts – Before beginning our screening process, all adults who will live in your property must fill out our detailed Rental Application Form. We make our Guidelines for Rental Acceptance clear to applicants. Details of personal information, bank account information, credit history, income, and employment information, and questions about criminal activity and past rental history are all part of the application. We also get authorization to perform credit checks, to verify all information, and to conduct criminal background checks. A non-refundable application fee and proof of income are required of each applicant. Once we have a signed, completed application, our screening process can begin. Only after that process is completed successfully, usually in two to three days, will we present a prospective tenant for your approval.
- Verifying Ability to Pay Monthly Rent Assures Your Cash Flow – Except for married couples and committed couples who co-mingle their finances, each adult who will occupy your property must be independently capable of paying the full monthly rental. To assure that, we require that each tenant’s monthly income be at least three times the rent. For unrelated adults, each must meet that income requirement to protect our clients if one or more roommates vacate the property. Our limit of 3 unrelated adults leasing a property is designed to protect you, as well. We also allow only a maximum of two persons per bedroom to occupy homes managed by our Minnesota property management company. Our screening process verifies income through employment checks, documentation, and other means.
- Thorough Credit Checks Measure Each Tenant’s Financial Responsibility – Unlike some Minnesota area property management companies, we do not rely on FICO credit scores alone to assess financial responsibility and creditworthiness for tenants. Instead, we obtain a complete Experian credit report for each adult tenant, and then perform a thorough discrepancy-based screening of his or her credit history. We look for all discrepancies, including unpaid rents or mortgages, NSF checks, bankruptcies, foreclosures, etc. We’re looking for reliability, on-time payments and more, to assure you that your prospective tenants can pay today and throughout the terms of the lease. Past credit history is a good guide to future behavior. Our long experience in screening tenants helps us to assure you of qualified and responsible adult tenants for your Missouri or Kansas rental home.
- Criminal Background Checks are Essential for Your Protection – Each prospective tenant, by signing our detailed application form, agrees to a criminal background check. We perform local, state, and national criminal archive checks. We also check the sex offender database and drug lab databases. Our criminal background checks are comprehensive and check every criminal database available. We know that the very last thing a property owner wants to do is to rent a home to someone with a criminal background. You expect responsible, reliable, law-abiding tenants, so our property management company in Minnesota makes no exceptions when it comes to criminal activity history. We’ll never hand over the keys to your property to someone with a criminal record. That’s a key responsibility we have to our clients.
- Exceptions to The Rules – Mutual Agreement Is Always Required – After our thorough screening process is complete, there are a few situations where exceptions to our comprehensive rules may be made, but never in the case of criminal issues. Our KC property management company and property owners share responsibility for exceptions, so any exception to normal rules are limited and are only granted with full consent between our company and our clients. For example, in the case of isolated credit or income issues, a fully qualified co-signer to the lease may allow an acceptable exception. Similarly, an exception may be agreed to in the case of a bankruptcy caused by a medical emergency, if all other credit, income, and criminal background checks are OK. A co-signer may be required in such cases, as well. All exceptions are carefully considered and any decision must be a mutual one between 33rd Company and the property owner.
Long-Term, Responsible Tenants through Effective MN Property Management
Our entire screening process is designed to produce the best possible result. At our trusted rental home management company in Minnesota, we are dedicated to finding tenants for properties we manage who will reliably rent your home for the long term. Your steady cash flow and tenants who will properly care for your property are essential. Our automated ACH / EFT rent collection and distribution, along with our attentive, hands-on management philosophy and our comprehensive lease documents assure you that tenants qualified in our detailed screening process will fulfill their responsibilities throughout the term of the lease. When you trust your valuable property to our property management experts, both you and your property are in good hands. Contact us today to discuss your property management needs.