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The Benefits of Tenant Background Checks: Why Every Landlord Should Use Them

2/20/2023

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We're here to assist landlords in conducting thorough, legal, and instructive tenant background checks that are successful. Finding trustworthy tenants who will pay rent on time, take care of your property, and abide by the terms of your lease agreement is crucial if you're a landlord or property manager wanting to screen tenants. Knowing what to include in a tenant background check is crucial because it is a tool that will be used throughout the process.​

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How can you avoid tenants who lie?

11/17/2017

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Every real estate investor knows that a rental property that sits vacant is a bad investment. But do you know what is an even worse investment? A property rented to a bad tenant. A tenant who skips rent or trashes your property can cost you plenty, so making sure you vet prospective tenants carefully, is key to maintaining a healthy portfolio along with your sanity.

Asking prospective tenants to fill out a rental application, checking their background and credit check, and calling past landlords, places of employment and other references, is a great start. But what about tenants who lie or omit the truth in their applications?

Some tenants may look great on paper, however, they may have lied or stretched the truth to appear to be a more appealing candidate. Some of the things potential tenants tend to like about, and that you should take a closer look into are:

  1. Their residential history. Is your tenant employed, apparently stable, but lists their aunt or cousin as their last landlord? Dig deeper. Ask for prior history going back 10 years and ask additional questions to find out what the real story is. There may be a prior eviction, arrest, criminal conviction or other red flag that the applicant is trying to minimize.
  2. Their income or employment status. People tend to inflate their earnings to seem more qualified, especially when they are moving up to a better property that they can comfortably afford. Make sure you verify their employment history through their supervisor or HR department and ask for pay stubs.
  3. The number of residents. People may omit certain potential residents from their application either because those resident may not qualify to rent, or because they plan to move in more than the legally allowed number of residents. It is difficult to catch this one, but if you see the same group of people together throughout the rental process, chances are they all have an interest in the property. When you show the property, watch everyone present and their reactions. Someone who will be living in the property will show higher interest.
  4. Their credit scores/history. Tenants who are reluctant about you running their credit are typically one of two types: those who have had their identities stolen or otherwise their credit histories affected by fraud, therefore  are extremely protective, or those who are hiding a low credit score. If a prospect offers to give you their recently run credit report, make sure you check the date in which it was accessed. ​

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The importance of international criminal checks

7/3/2016

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It wasn't until Vladimir Kholodnyak was found  throwing cigarettes over the third-floor condo balcony and drinking out of glass bottles on the pool deck of the Avant Garde condominium in Hallandale, FL, that the condominium and the landlord began digging for information, only to discover the tenant was in fact an international criminal  wanted by the Interpol. 

Florida's warm weather brings hundreds of new residents to its shores each month, many of whom are making the property they are renting, their first US home. A new resident has no criminal history recorded in the National criminal database, therefore condominiums and landlord are limited as to what type of investigative information they can gather from a prospective tenant. 

Verify Tenant has a solution for you! we specialize in offering international criminal reports, so no matter where your prospective tenant comes from or the fact that they haven't resided in the US before, we can provide a comprehensive criminal search from their country of origin. 

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You asked, we listened

5/29/2014

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Beginning May 29th, Verify Tenant’s ordering platform will feature a bunch of system performance enhancements. Among the enhancements we are most excited about are:

Applicant Phone Number: On the Applicant Pending records, when you hover over the Detail icon, the Applicant’s phone number is now included in the display

Federal Criminal Update: Federal Criminal and Civil searches can now be conducted State-wide for all Federal Districts within a selected State.

New Look & Feel: Our development team has been updating the Order Entry Wizard

System Performance: We have added server capacity, server memory, installed new servers and added a system monitoring tool that helps us identify and target slow processes. With this tool, we are making a number of software optimizations and database service enhancements.

www.verifytenant.com

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Real Estate investment-what makes sense?

5/26/2014

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Real Estate investments come in all shapes and colors. You may be a landlord who owns one property and rents it out, you may be into flipping a few properties a year, or you may the owner of an entire complex. However small or big your investment portfolio, or your strategy, one thing is for sure, you need tools to help you make a savvy decision. In today’s recovering real estate market, there are a realm of tools available to help you search for properties, but once you are faced with options, how do you decide which properties make sense? How do you take the emotion out of buying? The latest entrant in this business is Flipt, which aims to take some of the emotion out of real estate purchase decisions and replace it with a more data-driven approach.

 

Read more …. 

 
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Verifytenant.com
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WISCONSIN, GET READY TO SCREEN

1/27/2014

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According to housing advocates and city officials, one out of every two people in Madison, Wisconsin are renters. That’s higher than Milwaukee, where less than 40% of residents are unit owners, according to 2011 Census data.

With this large population of renters, Madison County has, over the past couple of decades put in place laws that protected and favored the tenants.

This past November, Governor Scott Walker, signed Senate Bill 179, which intends to balance the legal relationship between landlords and tenants in the County.

Amongst other things, the Bill contains Act 108, which allows landlords to discriminate against a prospective tenant based on information obtained from a credit report or criminal history check.

With these impacting changes in legislation, landlords need now more than ever, a tenant screening company they can trust. One which can provide them with reliable, easy to access credit and background checks. 

Click here to Read the Senate Bill



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