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Looking Beyond the Credit Score for Great Richmond Tenants

Tenant Signing a Lease for a Richmond Rental HomeHunting for an excellent tenant is one of the most crucial elements of keeping a moneymaking Richmond rental home.

For some landowners, the “right tenant” is someone with a near-impeccable credit score. They make their tenant approval options based on the idea that an awesome credit history is an affirmation of a financially stable fate. While credit scores are important, they don’t tell the whole story. A landowner could reject an otherwise awesome tenant if too much stress is put on their credit score. Looking for other qualities when screening applicants can aid you to find potential tenants quickly.

When screening rental applicants, property landowners are right to want to know more about the tenant’s financial situation. A credit report can provide plenty of knowledge compared to a credit score, details that a landowner can use to choose whether or not the tenant is able to make their rental payment in full and timely. For instance, late payments on an account that is now current can bring a credit score down but also shows the applicant is now paying their bills on time.

While previous vehicle repossession or a credit card charge-off is a dealbreaker for numerous property landholders, it is urgent to remember that a lot of people were struck hard several years ago because of the Great Recession. Through no misconduct of their own, they may have lost their jobs or homes, but have since found steady occupation and have managed their credit reports very well. Or, possibly, a past medical emergency forced the claimant to not be able to pay their medical bills or student credit payments, but they’ve made good financial choices afterwards. In this situation, the score might be an unimportant component compared to the tenant’s payment history over time. A few miscalculations several years ago should not disqualify someone who can be considered a reliable tenant.

To put this into account, it’s pivotal to gather details from the claimant that is not on the credit report itself. If the prospective tenant has a good cause for their lower credit score, like those mentioned above, that may be a motive to keep them under consideration. Likewise, property landholders should always supplement an applicant’s credit report with references who can uphold to their ability to pay. If an applicant has a strong history of paying rent on time and a stable income, these factors may be better indicators of how they would do as a tenant than numbers on a credit report.

Tenant screening can be a complicated process, especially for single-family rental households in Richmond. Property landholders typically want someone who will be a stable, long-term tenant, making the choice an even more important one. At Real Property Management Richmond Metro, we accomplish a thorough screening of each potential tenant, from credit reports and beyond. Our property management professionals know what to hunt for, and how to pick the right tenant for every rental property we oversee. If you would like to know more about our screening process or would like to speak to someone, please contact us online or by phone at 804-417-70055.

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