Five Steps To “Check Out” a Potential Tenant

Are you a landlord? Are you a broker involved in landlord representation? If you answered "yes" to either question then a little investigation on the front-end may save you grief on the back-end. After your investigation you will be able to answer such questions as -

• Are they financially stable?
• Do they have a history of slow pay or no pay?
• Did they "trash" the last place they leased?

The following are five steps for “Checking Out” your potential tenant(s):

1. Require potential tenants to complete written leasing applications with their credit history, employment status and names of former landlords.

2. Verify the potential tenant’s employment status and bank information by contacting employers and financial institutions.

3. Contact former landlords to check on the potential tenant's payment record.

4. Order credit reports on applicants from a major credit reporting company such as Equifax or Trans Union to verify their credit history and possible evictions or convictions.

5. Contact an agency that specializes in screening tenants, such as National Tenant Network, to receive reports on the potential tenant's payment history as a tenant.