Did the process for buying a rental property feel like a race to the finish line?
If you're like other potential landlords, once you have your rental home purchased and ready for move-in, you may feel like the hard part is over.
But, this isn't usually the case. Like how you searched for the perfect rental property and inspected it, you have to do the same to find the perfect tenant.
Performing a background check on your potential tenant ensures your personal safety and the protection of your personal property.
For an explanation of how the tenant criminal background check process works, read on!
What is a Criminal Background Check?
Like how a job may perform a background check on you, the same is true when renting a property.
When approving a tenant to live in your rental property, a tenant background check is performed so that the landlord is aware of essential information about their tenant.
A background check includes a wide breath of information such as criminal history and financial background.
This background check will help you make an informed decision on who you allow to live in your home.
What Information is Included in a Background Check?
Background checks include a long list of information, but some of the most relevant pieces of information are: income, credit history/score, criminal records, and eviction notices.
For safety reasons, you may want to ensure that your tenant does not have violent or serious criminal offenses.
But, you also want to choose a tenant who is likely and able to pay their rent on time.
Thus, knowing that they have a stable income and a history of making payments on time is relevant.
How Do You Conduct a Background Check?
Luckily, if you're working with a property management company, they will take care of the tenant criminal background check process for you. Property management companies will be experienced with performing background checks and know what to look for.
But, if you're performing the background check on your own, you can use a criminal background check company. There are many companies out there that specialize in performing these background checks.
You need to get written consent from the tenant, their full name, and their social security number to move forward with the background check.
Then, you'll also need to pay for the background check. Sometimes, the tenant covers this cost in their application fee. A background check should cost under $50 generally.
Don't Underestimate a Tenant Criminal Background Check
It's exciting to become a landlord, bring in a bit of extra income, and help give someone a place to live.
Yet, renting to the wrong tenant can be a headache waiting to happen.
By performing and paying attention to the results of a tenant criminal background check, you'll have a better idea of who is good match for your rental property.
If you want professional help facilitating this process or for someone else to be responsible for it, check out our property management services! We'll do the hard work so that you can remain stress-free.
