Rental property owners utilize all sorts of methods for sifting through rental applications in order to find the perfect tenant. Some landlords elect to go with a gut instinct. Others incorporate personality tests and additional irrelevant information in order to secure a tenant. Some rental property owners even make exceptions to usual lease terms on a case-by-base basis.
Unfortunately, unconventional methods can yield horrific results: rent goes unpaid, a pet destroys the property, more people lived in the property than what was stated in the lease and landlords find themselves in the middle of a nightmare.
Professional property management companies are great at avoiding a myriad of unpleasant tenant circumstances and are experts at screening tenant applications. Most property managers start with the basics: verifying identity, employment and income. If a prospective renter does not meet with the aforementioned criteria, they are no longer considered for the lease. If the applicant checks out, the property manager will then move on to the next phase of the application process by verifying whether the applicant has a history of breaching leases, property damage, eviction or criminal acts. A background check is performed and the credit report is reviewed. End of story.
Innovative Property Solutions, however, goes above and beyond in utilizing a score-card method to analyze an applicant's credit score, rent-to-income ratio, debt-to-income ratio, eviction history and criminal history. Income and previous rental history is also verified. IPS looks at the total "package" of a tenant, differentiating between quality, profitable income versus the basic three-times-the-monthly rent requirement of most property management companies. IPS knows that a detailed look at the potential tenant's finances is crucial and takes the overall screening process very seriously.
IPS is so confident in their well-developed score-card method that, in the event that a tenant needs to be replaced due to a breach in the lease (such as abandonment or eviction), a new tenant will be placed at no charge.