RESOLVE's Screening Tips - Risks

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Information about RESOLVE's Screening Tips - Risks
Real Estate

Published on March 11, 2014

Author: ResolvePartners



Learn about the risks you take if you do not screen your rental applicants thoroughly prior to allowing them to move in to the home/apartment that you own or manage. To learn more, visit our website at or call us at 336-217-1005!

What risks do you take when you don’t thoroughly screen your rental applicants? Screening should include: • Credit Report w/ FICO Score • National Criminal Records • with Alias Names, Sex Offender Registry, & Warrant/Wanted Persons • National Eviction Records • with Alias Names • Rental History Verification • Employment Verification • with pay stubs or tax records

$$$$ MONEY $$$$ Who ever wants to lose money? The many things to look forward to when you go without screening your rental applicants is losing money. Ways you can lose money: • Damages • You didn’t check their rental references? What if they damaged the property or unit? You’d never know. • Unpaid Rent • How would you know they pay their rent without a Credit Report, Eviction Records, Rental History Verification, or Employment Verification? #1

$$$$ MORE MONEY! $$$$ There’s more than just damages and unpaid rent!  Late Fees for late and unpaid rent  Court Fees  Each state is different, but in RESOLVE’s home state of North Carolina, fees include:  Filing  $96 for the Clerk of Court  $30 per tenant for the Sheriff’s delivery  Writ of Possession  $25 Clerk of Court Fee  $30 per tenant for the lockout procedure Why pay for something you could have possibly avoided? #2

THE EVICTION PROCESS This takes time and money (Process Varies by State) You are already out a few hundred or even thousand bucks with your tenant being late on rent, but now they get more time living for free while you proceed with the eviction process. While your tenant lives a bit longer for free, you get to:  Be owed $$$$  Fill out court documents  File court documents and pay for the filing  Wait until the court date  Attend court and hope that the tenant doesn’t win the case somehow  Wait a specified amount of time before filling out and paying for more court documents to gain possession  Wait for the lockout date and hope for minimal damages so you can turn the unit quickly #3

UPSET RENTAL OWNERS One thing I remember from my experience working for a Property Management firm was that owners can get very upset when things go sour with their tenants. They don’t get upset at the tenants… They get upset with YOU. You could lose money, time, AND clients. Rental Owners hire Property Managers because they trust that you will rent the property to a good tenant who will pay their rent each month and take care of their property. An up-side is that if your Rental Owners trust you, they’ll refer you! #4

DEBT COLLECTIONS In most cases, you won’t see the money again without Debt Collection efforts. Even then, you may never see the money. And if you do, you’ll receive funds after the Debt Collection Agency’s fees. #5

THOROUGHLY SCREEN YOUR RENTAL APPLICANTS Need a little assistance? Give us a call – 336-217-1005

WANT MORE SCREENING TIPS? Contact Avalin Inman for your tips and suggestions to Property Managers and Landlords! Avalin Inman Phone: 336-217-1005 E-mail: Check out our blog!

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