Monday, Aug 20, 2018
3 Things We Look for When Screening Tenants
Tenant screening plays an integral role in making rental properties great places to call home and viable investments for property owners. This process weeds out problematic applicants and protects not only property owners but also other renters. Here are three key things we look for when screening individuals:
Confirmation of Employment and Income
This initial part of the screening process is used to verify an applicant’s current employment and income. We want to ensure that the apartment, or home, the applicant is looking at is affordable and the prospective tenant(s) can afford the monthly rent.
Confirmation of Student Status and Co-signer or Guarantor
Sleepwell has many great apartments for students in Ottawa. We require a co-signer, often a parent or family member, who will guarantee the rent. Proof of enrollment is required, and for those who have a student loan, we will need the details to show adequate income for the school year.
Property owners need reliable tenants who are financially stable and consistent with payments. To further secure a landlord’s investment and ensure a steady income to perform repairs or maintenance, we conduct credit checks on applicants. This helps protect against unwanted financial shortfalls, guarantees consistent revenue for the property owner so they can adequately maintain units, and ensures fairness for everyone involved.
Feedback from Previous Landlords
As part of our screening process, Sleepwell may reach out to an applicant’s previous landlords to verify their suitability and reliability. If any issues are raised, our team will investigate further and address them appropriately. If applicants have a good history with previous landlords and we receive supportive feedback, we’ll move the application along to the next step once other aspects of our screening process are finished.
Screening an applicant for tenancy can be a complicated, time-consuming process, but its critical to safeguarding current tenants, property owners and the properties themselves. At Sleepwell Property Management, we specialize in comprehensive screenings that provide landlords with excellent tenants and renters with great neighbours. Contact us today for more information on how we can manage your property effectively and save you time and effort.