According to the Palm Beach Post, Boca Raton, Florida's population was nearing 100,000 as of 2023 and has grown three times as fast as the country's in the past two years.
So, if you've invested in rental real estate in Boca, you're lucky. After all, healthy population growth often leads to more prospective renters.
But before you get all excited, remember that your rental income still depends on whether you can find and secure qualified renters. And for this, you must conduct a comprehensive tenant background check.
Read on as our team at PMI Beach Properties has shared insights into the tools you need for a comprehensive and effective tenant screening process.
Credit Checks
Credit checks are crucial tenant verification steps that examine a rental applicant's credit score and report. They can reveal if prospective tenants have:
- A good record of paying their financial dues on time
- Debt and, if so, how much
- The ability to pay the rent
By running credit checks, you can get insights into how financially responsible your tenants have been and how likely they'll pay rent on time.
Employment and Income Checks
Confirming each of your applicant's employment status and verifying their income sources are also crucial tenant background check tips. It allows you to determine that your prospective tenant's income is stable, reliable, and enough to cover rent payments aside from their other expenses.
Criminal Background Checks
According to a brief from The White House, over 70 million people in the U.S. have a criminal history record. You must conduct a criminal background check to determine if your rental applicants are part of this group. Doing so can tell you whether a prospective tenant has:
- Previous criminal convictions
- Sex offender registry listings
- Terrorist registry listings
- Active warrants of arrest
- Pending criminal cases
Note, though, that a criminal record should not be enough reason for an automatic rejection. After all, it could be something as minor as disorderly conduct committed decades ago. However, if the conviction is for a violent crime or arson, it's a valid ground for denial.
Eviction History Checks
Conduct these checks to determine if your rental applicants have ever faced evictions in Boca Raton or elsewhere in the country. If they have, consider when it happened and the reasons for their eviction.
If it had only occurred once many years ago, it may have been an isolated incident. However, if it has happened multiple times recently, take that as a red flag that they may have repeatedly failed to pay rent on time or violated lease agreements.
Use These Tools for a Comprehensive Tenant Background Check
Credit, employment, income, criminal background, and eviction checks are all critical tools for a comprehensive and successful tenant background check. So, please ensure you use all these landlord resources in Boca Raton at your disposal.
Alternatively, you can opt for the most straightforward yet efficient method of screening your tenants: hiring PMI Beach Properties. As a full-service real estate asset management company, we can market your property, screen your tenants, enforce your lease, collect rent, and protect you from evictions. Our owner and property manager, Gaby Beltran, has over two decades of combined experience in property management and business operations.
Get in touch with us now for a free rental analysis!
