One question that always presents itself with landlords is – how do we screen our tenants? At Carod Properties, we use a third party screening company to help us make the best decision on behalf of our property owners. Our screening process includes six parameters:
Credit Report
We do ask that clients have a credit score that is above 500 and up to 680. We consider these passing credit scores. That may seem like a large range, but because we manage so many different properties for different income levels, it’s important that we provide opportunities for individuals who will be a good fit for your home.
Rental History Verification
Talking to current and former landlords will allow us to verify what kind of tenant an applicant has been in the past, and whether rent was paid on time.
Current Employment Verification
We always verify employment, and we like for our tenants to be with their employer for a minimum of two years. Or, we can accept a letter stating that a client has accepted a new position. With so many people relocating to Charlotte, we have found that providing assistance with housing makes the transition much smoother.
Criminal Background Check
We are looking for individuals with good, clean criminal backgrounds. By checking this, we find suitable tenants for our property owners, we protect the property from damage and we give our property owners peace of mind. Anyone with current charges would not pass our criminal background check. Felonies less than 10 years old are not acceptable either.
Eviction History Check
Checking for prior evictions helps us to ensure we are not placing a tenant in your property who has been evicted from other rentals.
Debt to Income Ratio
We are looking for individuals who have between a 32 percent and 40 percent debt to income ratio, which does include housing. You will find that this is also common when individuals are trying to purchase a house.
Checking these specific things allows us to determine whether an individual will pass, fail or give us a conditional reason to consider a tenant. We might require a higher security deposit in those cases.
For more information about how we screen tenants and what you should be looking for, please contact Carod Properties.
