TENANT SCREENING
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Transcript
Speaker 1 [00:00:04] One of the great things about Wolfnest is that we actually have an applications team, when a tenant submits an application, we're not waiting on one of our other managers or the leasing manager to actually get that application pushed through.
[00:00:19] We've got a team that's dedicated to handling all of the application processing, making sure they're done quickly, but also correctly, because that's obviously very important. So our goal, again, is to minimize vacancy in between those tenants. But at the same time, we're not in a rush to place a bad tenant.
[00:00:39] When we are screening tenants, we are going to be abiding by Utah fair housing laws. There is no discrimination to race, religion, sexual orientation, familial status, anything like that. And really how we operate as a first come first serve basis, which really drives, you know, a little bit of competition with prospective tenants. We tell them that, hey, you know, get your application in quick. Whoever gets that security deposit in, we're going to lock in that first position and then start that screening process. So it's really a great way to, again, build some excitement around a property and really push tenants to try to get their applications in as quickly as possible.
[00:01:20] Now, looking at our process. It's an eight step credit and background screening, so anyone over the age of 18 is going to have to fill out an application and really go through these checks. So what does that mean?
[00:01:33] First thing we are going to be doing is a criminal background check, really looking for anything, you know, drug or violence related. We're also going to do a nationwide eviction check. I don't want to see - if they haven't been evicted here in Utah, but they had an eviction in 1999 in North Dakota, we're going to see that, and that's going to be a automatic disqualifier for us.
[00:01:55] Next thing that we're going to do is a sex offender registry check. Again that's going to be nationwide. We're also going to be doing a credit report. So we don't really have a set number as far as, oh, we're only going to accept applications with 750 or higher. Because of the screening process, you're looking at everything for that tenant. You know, sometimes tenants, maybe they're international or they just don't have credit cards or really a credit score, not a good one or a bad one, but they just don't have any credit. That's not always a bad thing. So we're going to look at, you know, a couple of things, not just that credit score, but obviously it's a big one. And if we see that maybe the credit score isn't where we want it to be, we may have them have a cosigner on that lease. That way, we know we have someone with a great credit score on the hook in case there is any damage.
[00:02:49] We're also going to be looking at their application like a bank underwrites a loan. So we're looking at payment history and collections accounts. Any liens. These are all things that are going to affect them paying rent and again, are usually going to be a disqualifier for us. Three times the monthly rental rate. That's another one that we want to see, not for one individual, but as a collective household. So, again, three times that monthly rental rate. That's usually a good rule of thumb for us.
[00:03:16] We're also going to be verifying income and employment, especially with COVID. And there's a lot of, you know, layoffs or furloughs. And we want to make sure that, you know, not only looking at recent income, but we want to make sure that that's going to be consistent and something that, you know, we're not going to see a reduction in hours or maybe a commission based pay stub. OK, we want to make sure that this would be consistent income.
[00:03:39] We're also going to be looking at the rental history. Now, this is a tough one, especially with our portfolio. A lot of our properties are, you know, single family homes or townhomes, and the actual tenants are more of a pedigree of a buyer or they haven't rented in years. However, if they have rented and they're qualified, I would say references like someone part of the Utah Apartment Association or another property management company. Yes, we are going to be following up with those references and see if they were great tenants, how did they leave the property when they left. Would they rent to them again is always a good question. Like to ask.
[00:04:13] And then finally, we have the best eviction attorney really in the state. He handles about 80 percent of the eviction case workload and has been doing it for 20 plus years. So we put every applicant through his database, which is pretty extensive, just to see, okay, if they were a bad tenant, maybe they didn't get evicted, but they were a headache tenant for another management company or someone that used his services or his firm, that's going to be a disqualifier for us. So, again, these are just some of the things that we do when we're screening tenants.
[00:04:44] I'd love to talk about this in a little bit more depth with you and see if we can be a good fit for you. So, again, it's Ryan, with Wolfnest and here on my contact information and I hope to hear from you soon. Thanks.
We conduct extensive screening on all tenants and handle every aspect of getting your investment rented in the shortest time possible. We take tenant selection seriously and understand that the wrong tenants can result in delayed rent payments, etc.
We understand the property needs to be rented quickly – but it is important to find a dependable tenant that will not default on a payment within the first month. We have zero leasing, lease renewal, or sign up fees during this process.
- We handle the collection and processing of all necessary screening documents.
- When screening potential tenants, we follow a comprehensive process and take a look at the following;
- Obtain Government Issued Identification
- Social Security Number Verification
- Income/Employment Verification
- Credit Score
- Credit Report
- Review of Landlord Debt/Bankruptcy/Foreclosure/Tax Liens/Collections
- National Eviction Search
- Prior Landlord Verification
- National Criminal Search
- National Sex Offender Search
- Pet Related Paperwork (if necessary)
- All applications for tenant placement are processed without regard to the race, color, religion, sex, handicap, familiar status or national origin of the applicant and follow Fair Housing Guidelines.
How we review prospective tenants:
- First we complete a nationwide criminal background check.
- We primarily look for anything related to drugs or violence as those are two things that tend to repeat themselves and are usually an immediate disqualification.
- This report iIncludes a sex offender registry check.
- Next we conduct a nationwide eviction check to make sure that no other court in the country has thrown them out on an unlawful detainer action before.
- From there we review their credit report.
- We use experian but we don't necessarily look for a certain score although the recent average for our tenants was 707.58 FICO.
- We look at their payment history and review things like judgements, collection accounts, liens, bankruptcy, etc.
- We also review their application as a bank would underwrite a loan and look at monthly debt service.
- We then verify income and employment. Ensuring they make at least three times the monthly rental amount.
- We will then check their rental history by talking to their previous landlords.
- Finally, the eviction attorney we have on retainer, his office handles 80% of the eviction case workload in Salt Lake County. We run each applicant through their database. Chances are if you are a deadbeat tenant in Salt Lake, they have heard of you.
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Like other industries in Utah, you’ll find that most companies will claim to be the best property manager for one reason or another, but the fact is very few will actually provide outstanding service. Not only are we the most responsive and very competitively priced, but no other company will take as much pride in your property and will manage it as if we owned it ourselves.
So, What Makes Wolfnest Unique?
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We properly screen tenants
Our average tenant FICO score is over 700 and our eviction rate is less than 0.5% for 5 years running.
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We collect rent payments on-time
97%+ of our tenants pay on or before the 1st of each month.
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Our property maintenance is affordable
We will never charge for repairs that you don’t need.
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We provide consistent communication
High priority items are handled within 24 business hours.
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Competitive Pricing Structure - $0 Leasing, $0 Lease Renewal, $0 Sign Up Fees!
You won’t see high monthly management fees with Wolfnest. As real estate investors ourselves, we wouldn’t pay high monthly fees for property management services and don’t expect you to either. As a result, our tiered pricing structure was developed with the needs of rental property owners in mind and is designed to save you more money the longer you stay with us.At Wolfnest, we understand that successful real estate investing is a long-term proposition and we want to be your property management company of choice for the long-term. -
100% Satisfaction Guaranteed
With us, your satisfaction is guaranteed. Unlike other management companies that make unrealistic promises just to get you signed up and then continually disappoint you, we allow you to void your agreement if you aren’t completely satisfied. At Wolfnest, we like happy customers and your complete and total satisfaction is our #1 priority. -
strict rent collection procedures
We believe strongly in our leasing program and only place high quality tenants in your rental property. For this reason, 97%+ of our residents pay on time every month. This means that you won’t have to worry about the rent showing up on time. At Wolfnest, we believe in a strict qualification process and only place tenants in your rental that we would place in our own. -
pet guarantee
For any pet that we approve, we guarantee our owners up to $2,000 of damage coverage on top of the security deposit for any screened & authorized pet for interior damage. -
Smart Home Services
Wolfnest clients can sign up for our Smart Home Service Plan. We will upgrade your dated locks with ShowMojo's smart access technology. This combines the convenience of digital with the security of a deadbolt – no internet required!
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As your Salt Lake City Property Manager
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comprehensive vacancy marketing
At Wolfnest, we know what it takes to get renters in your property. We provide an entire marketing campaign in order to find you the best renters.
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enhanced marketing services
In addition to our vacancy marketing, we continue offering marketing services even after a property is filled.
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property leasing
We draw up the contracts and handle all the behind-the-scenes tasks accompanied with leasing.
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TENANT SCREENING
Before we fill any vacancy, we screen every potential applicant to ensure your property will be occupied by the ideal candidate.
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move in/out inspections
Before anyone moves in or out, we inspect each property to ensure that your rental is in good shape.
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