The housing market in today’s economy brings a new set of challenges for property managers. Although the number of renters continues to increase, so to does the bad debt incurred by landlords from property damage, evictions and lost rent. Thorough screening using credit information, eviction searches, and criminal reports equip property managers with the tools to make good leasing decisions. Using the Shield Tenant Scorecard allows you to streamline your decision making process when choosing a new tenant.
• Leasing to well qualified tenants protects your property and investment.
• Evictions cost property owners on average $10,000 per eviction.
• Recent economic trends have flooded the housing market with financially distressed applicants.
Shield’s tenant screening not only provides you with the important information about your tenant such as past evictions, payment history, and criminal data but also takes the guess work out of knowing how to use this information to find the best qualified tenants. Using the tenant scorecard combines these reports to a consistent, unbiased decision based entirely upon the applicant’s qualifications.
Recent studies show nearly 1 in 10 tenants are evicted every year. The costs associated with evictions become astronomical for property owners not only due to lost rental income but also costs such as damaged property, legal fees and court costs, and new tenant recruitment. Thorough tenant screening decreases these costs exponentially.
Although recent economic downturns have created credit issues for many tenants, tenant screening provides property managers with additional decision criteria for finding those candidates with the best possible history. These additional criteria include number of delinquent accounts, income to debt ratio, income to rent ratio, accounts in collection or charged off and bankruptcy history. This data combined with eviction and criminal information allow you to best determine the requirements are met when leasing to a new tenant.