At All County Denver Metro Property Management, we work with landlords just like you to find exceptional tenants who care for your property, pay rent on time and never bother the neighbors. During the screening process, we can use a broad range of tools to determine the quality of the tenant. Credit scores are a key part of the tenant screening process, but should they be the entire picture or just a piece of it at your rental property?
Don’t Put All Your Eggs in One Basket
While credit score can indicate the tenant’s financial situation, it does not tell the entire story. Seeing information like the number of accounts that have gone into default or outstanding debt can indicate how many other obligations the tenant has on a monthly basis. However, particularly in the aftermath of the 2008 recession, many tenants might have old marks marring their credit reports. Pay attention to the dates that defaults and late payments occurred, and keep in mind that a past rocky situation might not be indicative of the present or future.
Work with the Applicant
If you have an applicant for your rental property who seems outstanding and qualified outside of a poor credit score, don’t be afraid to talk with them. Many will be willing to discuss why their credit score is particularly low and give you context that helps you to make a more informed decision.
What Other Factors Should Be Considered?
At your rental property, it’s a good idea to weigh a variety of other factors that can demonstrate if a tenant will be a good fit, like:
- Employment History
- Current Income
- Address History
- Eviction History
- Collections (Utilities, Credit Cards, Medical Debts, etc.)
- Public Records (Civil Judgments, Liens, Bankruptcies, Etc.)
- Criminal Records
All of these factors should be weighed together to get a complete picture of who might be occupying your rental property.
All County Denver Metro Property Management Is the Right Property Management Company for Your Rental Property
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.