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Looking Beyond the Credit Score for Great Davie Tenants

Tenant Signing a Lease for a Davie Rental HomeThe best kind of a tenant is indeed a rare gem for any owner of a Davie rental home as they are vital to keeping it profitable.

The “right tenant” for some landlords means someone who has an impeccable credit score. They formulate tenant approval decisions based on the notion that an excellent credit history equates to a financially stable future. While credit scores are important, they don’t tell the whole story. A landlord may pass up on an otherwise fantastic tenant if there’s too much weight placed on their credit score alone. Knowing what other factors to look for when screening applicants can help recognize a great tenant when they see one.

When screening rental applicants, property owners are correct to want to know more about what lies behind a tenant’s financial situation. A credit report can contain a gold mine of information about someone beyond a simple credit score, information that an owner can utilize in making their decision about a likely tenant’s capability to make rent in full and on time. For example, 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.

Although a past vehicle repossession or a credit card charge-off is a red flag for most property owners, it is essential to take into consideration the fact that many people were affected by the Great Recession. Through no fault of their own, they may have lost their jobs or homes, but have since found steady employment and sustained their credit accounts well. Or, possibly a previous medical emergency caused the applicant to be delayed on their medical bills or student loan payments, but they’ve made good financial choices since then. In these cases, the score might be an insignificant factor compared to the tenant’s payment history over time. A few mistakes many years ago should not prohibit an otherwise solid applicant.

To understand the entire picture, it’s necessary to gather information from the applicant that is not on the credit report itself. If the possible tenant has a good explanation for their lower credit score, such as those listed above, that may be a cause to keep them under consideration. Also, property owners should always supplement an applicant’s credit report with references who can speak to their potential. 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 an intricate process, notably for single-family rental homes in Davie. Property owners usually want someone who will be a stable, long-term tenant, making the decision an even more critical one. At Real Property Management Premier, we perform a thorough screening on every applicant, from credit reports and beyond. Our property management professionals know what to look for, and how to choose the right tenant for every rental property we run. If you would like to learn more about our screening process or would like to speak to someone, please reach us online or by phone at 954-362-5235.

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