One of the most important topics in Irvine property management is finding a great tenant. Conducting a tenant background check includes five key elements: credit, background, income, assets, and rental history.
Not all credit reports are created equal. We recommend getting a Tri-Merge credit report on every adult who will be on the lease. It will give you a full picture of the credit and financial health of your potential tenants.
There are four things to check when you’re conducting a background check; a criminal history, an eviction history, public records, and the sexual predator database. Always do a national search when you’re doing these background checks – don’t just limit your search to your specific area or county.
Job and Income Verification
To verify employment and income, you should ask for the two most recent check stubs for salaried employees. Phone-verify the employer as well so you can be sure your applicants work where they say they work. For self-employed applicants, ask for two years of tax returns to verify income, or 12 months of bank statements, or both. Don’t be afraid to ask questions if the numbers don’t add up.
For asset verification, ask for bank statements for the last two months. This will ensure they have the funds to cover moving costs. You can also look to see if there is any insufficient funds activity.
Prior Landlord References
Nothing is more important than sourcing a great tenant. Follow these five tips and you’ll be well on your way. If you have any questions about tenant screening or property management in Irvine, please contact us at HCM Property Management, and we’d be happy to help you.