In this day and age, most Americans have become extremely critical about the type of information they receive. Whether they’re analyzing the true sugar amount of their favorite Summer-time drinks or the overwhelming number of articles coining the phrase ‘fake news’, unfortunately you can’t stop there. With a simple internet connection, your rental applicants can now forge their own credit reports.
Property managers like you take protecting their rental communities very seriously, and investigating their future tenants is a huge part of the leasing process. While some use shady (and potentially illegal) Facebook research as well as other social media accounts to vet potential residents, ultimately, you are your own Detective Gadget, and resident screening is your primary tool. With your applicant’s background screening report in hand, you can easily look for clues of potential “red flags.”
Insuring that your new business partners, vendors, and clients are trustworthy and reliable is a huge priority. You don’t want your business to be vulnerable to threats. Just as you perform background screening on potential employees, why not do the same to businesses as well? By running an Experian® Business credit report online, you’ll find out who are trustworthy, sidestepping risks to your business and reputation.
What is an Experian® Business Credit Report?
Determining if you’re getting the most accurate and complete background screening information is essential when avoiding bad residents. While price point will always factor into your decision, ultimately you want your resident screening to be reliable. As your first defense against negligent rental payments, property damages, and even criminal activity, knowing what qualities generate good screening reports is vital.
With some applicants giving fraudulent paystubs and residents listing their homes on Airbnb, depending on your team to protect your property is more important than ever. But, what if your employees are actually the ones taking advantage of you? While it’s essential that you trust your employees to do their job, it’s just as vital to enact some measures that’ll prevent employee embezzlement from ever occurring.
Fake references are nothing new. It’s well known that sometimes applicants, for one reason or another, have their friends or colleagues pose as their property manager or employer for rental and employment verification. While a simple Google search can help confirm if an applicant is lying to you, if they’re using a professional service, Google won’t be enough.
Unfortunately over the past few years professional services that offer fake employment, rental, and personal references have become prevalent. All you need is an internet connection and the ability to make payments online. While you could verify if the applicant’s written references are valid based off property ownership or business registration, these services have found a way around that.
Deciding whether or not to open up your community to Section 8 residents is a big decision. While you’ll easily encounter property managers that swear by Section 8 and others who vow it off, it’s important to do a little research and figure out if it’s the right fit for you.
According to the Housing Authority of the County of Los Angeles (HACLA), “the role of the Section 8 Program is to provide decent, safe, and sanitary housing to a tenant at a reasonable rent”. This means that low-income households are able to get clean and safe housing typically through the voucher choice program. Based on the resident’s income, the resident will dedicate a percentage of their monthly income to the rent and Section 8 will pay the remaining portion (the voucher). In some cases Section 8 will pay the entire rental amount.