THE SNOWBALL EFFECT…WHY NOT TO RUN ONLY ONE SCREENING REPORT
This time
of year is financially tough on most people. As a landlord, you may be tempted
to give possible tenants a break. By screening only one applicant (instead of
each adult on the application) the screening fee is greatly reduced, but so
then, is your security. This seemingly small moment of generosity quickly turns
into an overwhelming problem.
Let’s just
look at the facts:
- If your possible tenant is
having trouble paying a screening fee, they are probably going to have
trouble paying you rent.
- If your tenants get to pick and
choose who among them get screened, then it is very easy to hide a
criminal record or bad credit.
- If you are selective about whom you screen and to what degree, you are opening yourself up to a possible Fair Housing lawsuit.
At RSI we
advise all of our clients to screen each person over the age of 18 who will be
residing on the property. That means that on any given application you would
screen each person in a married couple, all roommates and any adult children. A
consistently applied screening practice is the key factor in vetting nightmare
tenants and avoiding a possible lawsuit.
When moved
toward generosity, consider options that won’t leave you unprotected. Offer
your tenants a discount on the first month’s rent if they pass your screening
standards and are invited to sign a lease. Or you may want to welcome tenants
to the community and draw attention to local attractions by giving gift cards
to local stores and restaurants. It is in this way that you will be able to
rest easy…assured that the best possible tenants are living on your
property…and those tenants do not feel plowed under by screening fees.
For more
information on best screening practices visit the Rental Services, Inc. website
at: www.erentalservicesinc.com
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