Background ScreeningFor Rental Homes
Tampa Background Screening for Rental Homes
It is critical to make the right decisions when selecting renters for your rental property, as your future depends on predicting the future behavior of your renter.
The Tampa background screening process Hoffman Realty uses is one of the most important steps in ensuring your property has a quality tenant.
Hoffman Realty conducts the most thorough renter background screening of any Professional Property Management company.
Don’t settle for less. Compare our 11-step Background Screening chart below or call us Toll Free at (888)-643-4549.
We distinguish applicant behavior by asking these 4 behavioral questions:
~Are you who you say you are?
~Can this applicant afford to live here?
~Does this applicant have a history of paying their bills?
~Is this applicant a desirable neighbor and trustworthy of the property?
11-Step Background Screening
The Best Predictor of Future Behavior…is Past Behavior
With our Tampa background screening process, we conduct a thorough applicant background check for your investment property.
|Behavior Triggers||Solution||Hoffman Realty||Company A||Company B|
|Are you who you say you are?||1. Obtain Government Issued Identification 2. Social Security Number Verification||✓||✗||✗|
|Can this applicant afford to live here?||3. Income/Employment Verification 4. Credit Report||✓||✗||✗|
|Does this applicant have a history of paying their bills?||5. Credit Score 6. Review of Landlord and Utility Debt/Bankruptcy/Foreclosure/Tax Liens/Collections/Legal Items 7. National Eviction Search||✓||✗||✗|
|Is this applicant a desirable neighbor and trustworthy of the property?||8. Prior Landlord Verification 9. National Criminal Search 10. National Sex Offender Search 11. International Terrorist Database Search||✓||✗||✗|
What insurance do I need as a Landlord?
For hazard coverage, you will need a “Dwelling Policy” for your house or a “Rented to Others” Rider for your condo. For liability coverage, make sure you have sufficient general liability coverage in your hazard policy or through a separate commercial liability policy.
If you are new to being a landlord you should consult with your insurance agent to ensure you are properly protected.
How should a landlord hold escrow?
If your tenant gives you a security deposit or advance rent these funds must go into escrow. In Florida, it is best to open a separate bank account to hold escrow as the law requires that these funds not be commingled with your personal funds. The law dictates this account should be at a “Florida banking institution” and if you choose an interest-bearing account, 75% of the interest or 5% of the funds deposited must be paid to your tenant.
What is a Stipulation?
A Stipulation is a court-approved Payment Plan for a tenant that has fallen behind on their rent payments to their Landlord. It is a way to avoid completing an eviction for your tenants who are serious about getting caught up.
Should I accept pets?
Almost 80% of renters in the Tampa Bay area have a pet, so landlords that promote a “no pet” policy miss a huge number of potential renters. If you limit the pool of potential renters it takes longer to rent your property. Allowing the right kind of pets reduces your vacancy losses by ensuring that your property stays occupied and rented.
Should you rent your property furnished or unfurnished?
Typically short-term rentals are offered furnished as they are used for vacation or corporate housing. However, long-term rentals are typically offered unfurnished, because most long-term renters have their own furniture. In our experience, only a very small number of renters are looking for a furnished long-term rental in the Tampa Bay area, so it will take you a long time to find a long-term renter if you only offer your property furnished.
Should I rent my property without a background check?
All landlords want to rent their property to good tenants. The only effective (and legal) way to know if your potential new tenants will be good neighbors and trustworthy of your property is to perform a thorough background check. This should include credit, criminal, sex-offender, income, and prior landlord references. It’s better to leave your property vacant than to rent to the wrong person.
If You’re a Landlord with Questions, We’ve Got Answers
Check out our free eBook, “Landlord Tips: Making the Most of Your Rental Property.” This eBook will help you:
~Understand how to increase your profits
~Learn how to avoid common landlord pitfalls
~Discover the value a property manager can bring
~How Landlords Must Hold Escrow
~Earning Positive Cash Flow
~Commanding Top Dollar for Your Rental
~Maintenance and Inspections
~Why You Need Landlord Insurance
~Finding Tenants with Hoffman Realty