Finding owners a qualified tenant is one of the most important parts of our job at Gold Door Homes.
Like most of property management, there are local, state, and national laws that need to be followed so there is no discrimination against the applicant. This could mean a lawsuit for owners who don't enlist the help of a property manager.
Landlord Selection Criteria
The first step in our process is to work with our owners to determine a set selection criteria in which each applicant will be evaluated against. These include such things as minimum credit score, whether or not you will accept pets, required monthly income, etc. We have a pre-determined criteria we work with and ask for your input and final approval.
Once we have an applicant, we use a web based tenant screening program that checks credit, eviction history, and criminal history. Although we cannot share these reports directly with owners due to privacy laws, we will use this information to discuss our recommendation to you.
We require that the applicant submit documents such as proof of employment, pay stubs, possibly bank statements, etc. We use this information as well as results from our previous Landlord reference checks to determine if the applicant qualifies per the Landlord Tenant Selection Criteria.
After all information is verified, reports gathered, and documents confirmed, we discuss the results with you. If the applicant does not strictly meet the criteria required, but has compensating factors, it will be up to the owner at that point to determine if they would like to deny the applicant. In some instances, compensating factors can be used as well as requesting a higher deposit or a guarantor. It is all on a case by case basis.
Making sure to follow a thorough screening process up front will decrease the likelihood of a less than desirable tenant who may cost you thousands in damage or lost rent. We would love to help you!