Finding an amazing tenant is one of the most dynamic aspects of getting a fruitful Green Cove Springs rental home.
For some landlords, the “right tenant” is somebody with a near-unblemished credit score. They accomplish their tenant approval judgments based on the concept that exceptional credit history is a foreshadowing of financially stable success. While credit scores are important, they don’t tell the whole story. A landlord might disapprove an otherwise exceptional tenant if there’s an issue on their credit score. Comprehending the other reports to look for when screening applicants can distinguish reliable tenants instantly.
When screening rental applicants, property owners are right to want to learn more about the tenant’s financial situation. A credit report can offer a lot of details other than the underlying credit score, evidence that an owner can use to choose whether or not the tenant is expected to make their rental payments in full and on time. One instance is late payments on an account that is now current can bring a credit score down but also shows the applicant is now paying their bills on time.
While former vehicle repossession or a credit card charge-off is a snag for many property landlords, it is essential to remember that lots of people were ruined many years ago because of the Great Recession. From no misdeed of their own, they may have lost their careers or houses, but have since regained stable employment and maintained their credit accounts well. Or, possibly, a past medical emergency forced them to be unable to pay their medical bills or student credit payments, but they’ve subsequently made good financial choices. In this situation, the score might be less important than the tenant’s payment history over time. A few inaccuracies several years ago should not exclude someone who can be seen to be a reliable applicant.
To get the full pictuure, it’s of the essence to extract data from the applicant that is not found on the credit report itself. If the potential tenant has a good justification for their lower credit score, such as those stated above, that may be a good reason to keep them under consideration. Also, landowners should frequently supplement an applicant’s credit report with references that can support their claim of reliability. If an applicant has a strong history of paying rent on time and a stable income, these factors may be better indicators of how they would do as a tenant than numbers on a credit report.
Tenant screening can be a challenging responsibility, notably for single-family rental homes in Green Cove Springs. Property owners, in general, want someone who will be a stable, long-term tenant, making the commitment an even more tenuous one. At Real Property Management Sunstate, we offer a thorough screening on every candidate, from credit reports and beyond. Our property management experts know what to search for, and how to select the exact tenant for every rental property we handle. If you would like to know more about our screening process or would like to chat with someone, please contact us online or by phone at 877-373-8404.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.