Blog & Resources for Landlords

MyRental Blog

Dec 31, 1969 7:00:00 PM

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26
Mar. 2020

Common Tenant Background Check Mistakes?

 

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12
Mar. 2020

An Inside Look into How Tenant Screening Increases a Landlord's Income

As a landlord, how well you screen your tenants can have a big impact on your finances. The ideal tenant pays you on time, causes no problems, and leaves the rental unit in great shape when they leave. A bad tenant can keep you up at night wondering what problems they'll cause next and leave you with a large clean up bill due to damaged property. Proper tenant screening can help you to increase the odds of each of your tenants being an ideal renter.

Reduce Your Risk By Conducting Thorough Tenant Screening

Take the time to do a complete screening on every applicant. This will weed out the people who increase your risk of having to deal with one or more of the following problems:

Payment issues - These tenants can have an excuse for why they can't pay on time, or can't afford to pay the entire amount. They may take advantage of you and delay paying as long as they can. This makes your budgeting impossible to do accurately.

Damage issues - Unless you have an annual inspection policy, you're likely not going to see the inside of a unit until the tenant moves out. An irresponsible tenant can leave you with ruined carpets, damaged walls and ceilings, and broken sinks and toilets.

Screen for All Potential Risks

A thorough screening uncovers the financial risks and behavioral issues that a tenant may bring to your complex. A complete screening process takes time but will save you money if you don't to deal with rental issues. Many successful property managers rely on tenant screening services to do these checks into a tenant's rental history. If you do them yourself, make sure you cover all of the following areas:

The Online Rental Application- This is the initial source of information you need from a prospective tenant to determine if they are a good risk as a renter. This information is the starting point for the various checks you'll do to research the tenant and is useful to any service you use to perform those checks for you.

The Credit Check- The information lets you see the current financial status of the tenant as well as any issues in their credit history that may be a red flag for renting to them. Because this is a critical part of the tenant evaluation process, some property managers make use of a rental credit check service to make sure they get accurate information.

The Rental History Check- Another important part of the process is looking at the tenant's history with previous landlords. A rental history report will show if there were issues with the tenant paying on time or any history of property damage.

Because this requires contacting previous landlords to get the information, using a service to get the rental history reports will save time and frustration, should you have difficulty connecting with a landlord. You'll get accurate information to answer your questions about a tenant's renting behaviors.

Sorting the Information

Collecting all of this information is just half the battle; the other half is reviewing it so you can determine how big a risk an applicant is as a renter. If you manage a small number of units or have very low turn over, you may find that a tenant screening service is worth the time and money. They can provide you information for your tenant background check, credit check and rental history.

A good tenant screening service will provide you with a tenant score. This will indicate how likely the applicant is to default on a lease, which can save you time and money in the longrun.

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27
Feb. 2020

The Super Easy Way to Limit Tenant Problems & Evictions

Odds are high that many of your applicants have been evicted or fought to stop an eviction. Each year, approximately one million evictions are filed and 1 in 40 renters get evicted. Some of these renters bounce back from the eviction process and become reliable tenants, while others couch hop for years before applying at your property.

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24
Jan. 2020

3 Little Known Ways Background Checks Help You Choose the Right Tenant

There are some 22.5 million rental properties in the United States encompassing a whopping 48.5 million leasable units. That represents a lot of potential income for enterprising landlords, but only if they know how to sign up the right tenant. When it comes to sifting through virtual stacks of online rental applications to find the ideal candidate, tenant screening services can help.

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7
Jan. 2020

How to Manage Rental Applications

As a landlord, one of your biggest fears is having a property that sits empty for weeks or even months. Every day that rolls by marks another dip in your bank account. That said, the last thing you want to do is rush in a new tenant only to discover they’re stuck in a financial quagmire or have a long history of trashing homes and failing to pay rent. Plus, losing a tenant (even if you’re ready for them to go) brings its own slew of budget-busting costs beyond lost rent, including marketing and administration fees, screening costs and potential maintenance or required upgrades.

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11
Dec. 2019

7 Things to Know Before You Decide to Rent Your Property

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Renting out your property can help you cover the expenses of owning a house while building wealth. Before you start, though, it's important to have a clear idea of everything that goes into being a landlord. From handling the application process to tracking rent payments, there are plenty of tools to help potential landlords manage their properties. If you're considering whether your property is ready to rent or looking for tenant screening services to help you find the right renters, here are five things to know before you decide to become a landlord.

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27
Nov. 2019

5 Ways Rental Applications & Tenant Screening Save You Time in Choosing Your Next Renter

5 Ways Rental Applications & Tenant Screening Save You Time in Choosing Your Next Renter

Choosing your next renter can be a complex, frustrating, and draining process. However, embracing online rental applications and tenant screening services can save time and help you narrow the field with remarkable speed.

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14
Nov. 2019

Landlord Tips for Managing a Rental Property

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Some people have the necessary business acumen and personality to be landlords, but many find themselves unexpectedly in the role. Experienced landlords often find that a balanced blend of property management from the old school combined with modern digital options, such as an online rental application and tenant screening services, best protect their greatest investment.

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9
Oct. 2019

Applicant Identity Fraud Report

How Identity Fraudsters Operate and What You Can Do to Stop Them

Lease applicant identity fraud comes in many shapes and sizes, but one thing is certain—it’s increasing rapidly. Many apartment property managers have been hit by some form of identity-related fraud,

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22
Jul. 2019

Multifamily Sales and Prices at New Highs

Multifamily Prices Hit New High in 2018

CoreLogic Economic Outlook: June 2019


Multifamily property sales totaled about $100 billion in 2018, the largest annual volume recorded, and apartment prices reached new highs last year.  Rent is expected to rise about 3% in 2019 with cap rates close to last year’s level, supporting further gains in property values.[1]

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