In Lakeland, FL, being a rental property owner and landlord could prove lucrative, given its high renter population. In this beautiful city, nearly half of its population, or 44% of residents, are renters, according to Niche.com.
However, having tenants isn't enough to succeed in Lakeland's competitive rental market. What's more crucial is finding quality renters: Those who are most likely to pay rent on or before the due date and will respect your property and neighbors.
Comprehensive tenant screening aims to find such high-quality residents. Our experts at Archer Crown have shared property management advice and insights into tenant background checks to help you get started, so read on.
1. Verify Employment and Income
One of the most crucial steps for screening tenants is verifying their employment status and income sources. It helps you confirm:
- They are who they say they are
- Their ability to pay rent on time
- Their financial stability
So when planning lease agreement essentials and drafting rental application forms, it's a good practice to ask for the following:
- Pay stubs or recent bank statements
- A letter of employment from their employer
- Tax returns for additional verification
Completing those steps can safeguard your investment and prevent future payment disputes.
2. Conduct Comprehensive Background Checks
Effective tenant screening involves conducting thorough background checks, including:
- Credit Report and Credit History Checks: To get a clearer insight into your rental applicants' creditworthiness
- Criminal History Checks: To determine if rental applicants pose safety and security risks
- Rental History Checks: To learn more about a rental applicant's previous rental behavior (e.g., if they were good, respectful tenants or if they failed to adhere to their last landlord's lease enforcement policies)
Please always ask all rental applicants for consent before conducting such checks. Under the Fair Credit Reporting Act (FCRA), it's their legal right to know. You don't want to violate the FCRA because, as Investopedia points out, non-compliance can lead to hefty fines of $100 to $1,000 each.
3. Trust Your Instincts
Never underestimate the power of your instincts. If something feels off during the application process, it's often wise to delve deeper. A prospective tenant's intent and energy can be as telling as their documentation.
Building rapport with potential renters can also give you an idea of your long-term landlord-tenant relations with them. It allows you to gauge their suitability and pick someone who meets your expectations.
4. Partner With a Professional Property Manager
If you want to find high-quality tenants in a hands-free way, work with a reputable property management company.
A property manager can take over from any point of a rental lease, whether at the beginning or during the tenancy. They can perform:
- Rental analysis
- Property marketing and advertising
- Tenant screening and placement
- Rent collection
- Tenant management
- Property maintenance
- Eviction filing
Protect Your Rental Investment
Understanding and implementing these tenant screening best practices can reduce risks, helping you fill your units with dependable, responsible tenants.
At Archer Crown, our veteran-owned full-service property management in Lakeland, FL, we handle all aspects of leasing, from tenant placement to property maintenance. Rely on our decades of experience managing and placing residents in single-family homes, townhomes, condos, and multi-units. Our expertise and attention to detail set us apart in the industry.
Don't leave your rental investment to chance. Contact us today for a free consultation and management quote!
