Tenants can cause severe problems when delaying paying rent or damaging the landlord's property. As the property bought and owned is quite special for every landlord, protecting it at all costs is vital. The best way to protect your property is to obtain a tenant screening report of your tenant to avoid any mishaps or delays in payments occurring regarding your property. Let us understand in this blog the importance of tenant screening reports and the documents included in tenant screening reports.
Why is a Tenant Screening Report Important?
- Building a Sense of Trust with your Tenants
Being vigilant about confirming who will enter your property is quite important, considering the considerable increase in risks in the market. Performing a background check on tenants is essential to build trust. This will help you understand the tenant's ability and rule out all the risk factors that come with them. Once you have confirmed everything, you can build a long-lasting bond with your tenants.
- Protecting Your Investment
Tenants can come with risks in renting owing to their financial ability of the tenant. This is because tenants with perfect credit scores will pay their rent on time. This will ensure no delay in rent payment, saving time and energy. This will also protect your property from severe property losses and prevent any neighbour fights and difficult eviction process. All these losses can sum up to thousands of dollars. Investing a small amount in Tenant verification report services and experiencing a hassle-free property renting process is wise to prevent such a huge loss. This will help you understand whether you want to reject or accept a tenant application.
What does a Tenant Screening Report Consist of?
A tenant screening report comprises several documents that usually assess the tenant's character and financial stability. These include documents like;
- Credit score reports
- Rental history, including any eviction cases, black marks and lawsuits
- Employment verification
- Income verification like salary slips and passbooks
- Criminal history
- Court records
- Financial obligations
- Current loans and debts
- Previous loans
- Previous bankruptcies
- Risk assessment certificates and risk scores
- Credit card details
- Payment history
- National terrorist watch list
- Recommendations if any
These documents can also include a certain risk assessment that depends on the landlord's criteria.
Conclusion
A tenant credit score is useful for both tenants and landlords. Tenants can easily obtain a property to live in for 3 to 6 years with the validity of these reports. And landlords, on the other hand, can benefit from it as they can obtain trustworthy tenants hassle-free. Tenant verification report services are important when obtaining a perfect tenant for your property as they cut down the lengthy process of obtaining a credit score and finish the process faster. So, what are you waiting for? Opt for reliable Tenant screening services Canada as provided by TenChek and secure your property right now!
