Landlord Credit Reports

by Joe Trometer
(Michigan, USA)

Rental Duplex

Rental Duplex

Rental Duplex Nice and clean rental unit Rental unit with hardwood floor

How to eliminate tenant worries with Landlord credit reports.

To get continuous, on-time, rent payments, we must do our
"Due diligence" (inspections) first.

To get tenant screening reports we first need the permission of our prospective renter.

My rental application includes a clause that authorizes me and or the company I use to contact any references necessary to evaluate renting risks, such as:


  • Credit Reports

  • Employment History for income verification

  • Criminal Search

  • Rental History

  • Eviction Report


The Clause:

I authorize (company name) to obtain information on my rental, credit, criminal, employment, source of income history by contacting any references necessary to evaluate renting risks. I hereby release all references to give (company name) all requested information.

Applicant's Signature:__________ Today's Date:_______



A thorough landlord credit check on our prospective tenants before we commit to a year long lease will assist us to identify bad tenants and legally reject them.

I look for, but not limited to:


  • Credit score

  • Payment history

  • Previous landlord reports

  • Utility late payment history

  • Auto loan history

  • Employer reference letter


  • The last thing I want to do as a real estate investor is a landlord eviction!

    I want the least amount of stress possible with my rental properties!

    To Start:

    Provide a Quality Rental Unit!

    The rental units are freshly painted, everything in working order and safe, passes required local rental inspections... Looks Good and Smells Good!

    Then I Can Expect...

    The landlord credit reports I need to interview prospective renters,
    that will hopefully rent from me for many years to come.

    1) Landlord provides a quality rental unit!

    2) Renter authorizes tenant screening reports for the landlord.

    3) Landlord Rental Agreement is signed. Rent and security deposit are collected.

    4) Happily Ever After... I wish it were that easy.

    There are other forms (partial list) to consider for a complete landlord lease agreement:

    • Lead based paint laws,

    • Move in checklist,

    • Utilities (gas, water, and electric) transfer sheet (optional),

    • Addendum to the rental agreement, (lawn, snow, trash, storage, dish / antenna, inspections, etc.),

    • Rules and Regulations,

    • Maintenance request forms, and more...


    The Point Is...

    Our rental application must have the tenant's authorization, signature, and date!

    Then we collect the landlord credit reports needed to evaluate the likelihood of:
    collecting the rent on-time,
    every-time,
    with the least amount of problems.

    Reduce Stress and collect on our investment properties with less interruptions.

    Preparation before collecting rent money, in my experience,
    is more profitable in the long run,
    than collecting some rent money upfront
    and working out the details later.

    A long time a go: That carefree method resulted in lost rents for me when I first learned how to become a landlord.

    After Decades of Experience

    I can now tell when someone wants a nice place to rent,
    who is looking for a place to stay for more than a year,
    has the proof they pay their bills on time,
    and is willing to take care of the property.

    So far... Still good!

    What do you think? To comment or start your own page, Follow the links below...

    Comments for Landlord Credit Reports

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    Rating
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    Long Term Tenant
    by: Anonymous

    How do you know if someone wants to stay more than a year?

    Answer by Joe Trometer

    It could be simple just to ask a rental applicant how long they plan on staying.
    Many times renters will offer their story about their move; a job change, and other circumstances.

    I often times offer a 2 year rental agreement; some want that, others don't.
    The advantage to the renter is I offer the 2 year contract with no rent increase for the second year.

    Another point of view is how well they like the rental unit, the area, the service from their landlord.

    How about offering holiday gifts, discounts for paying rent on time, contests for yard work, anything to make things enjoyable enhances the chance of a renter wanting to stay and make it their home.

    Hope that helps some,

    Joe

    Anyone else?
    What do you do for your renters to make them a long term tenant?

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    Helpful
    by: Anonymous

    I have a clause on my application about the agreement to pay $35 dollars for tenant screening since that is how much it costs me at my tenant-verification company, but I like yours better.

    Might have saved me from the trouble I have now.

    Currently a passed over tenant is trying to sue me for picking another tenant over him.

    He claims its because of age and race and not because the other applicant's credit and income where better.

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