Veteran Owned & Operated!
With the median rent in Charlotte, NC, being almost $1,400, it is the perfect place to pick up some high-quality investments for your portfolio. To ensure you receive that total, you can leverage a tenant background check as the backbone of efforts to bring in reliable renters. However, how do you overcome the challenges these screenings bring, such as:
- Legal compliance
- Knowing how to perform a full screening
- Reducing the time taken to screen
- Ensuring you make good decisions
The following guide offers actionable steps to help you create and follow a seamless check process. So, read on to ensure your efforts to grow your tenant base in the Charlotte area succeed.
Handling Credit Check for Renting in Charlotte, NC
Credit checks will tell you how responsible a possible tenant is with their finances and if they can pay rent. It allows you to evaluate their history by tracking:
- Potential outstanding debts
- Bankruptcies
- Late payments
- Red flags
You should work with a reputable service to perform a credit check, such as an organization that runs them regularly. However, ensure you have all the official paperwork before you do so. You need written consent to comply with Charlotte's legal requirements for this evaluation.
For a complete list of legal requirements related to such checks, you may want to read the Fair Credit Reporting Act or work with a professional to understand the details of the law.
Screening Tools Beyond Credit Checks for Tenants
In Charlotte, you can check several other areas of an individual's background over and above a simple credit check. While the list is not limitless, common checks do include:
Employment and Rental History
You can request pay stubs or employment offer letters from a potential resident to confirm whether they are currently economically stable. You may also contact employers directly. Tenant reference verification can ensure you have a full accounting of the individual's job status and how long they have been there.
Possible Criminal Background
Obtain explicit written consent from the potential tenant, then run a check through databases such as the North Carolina State Bureau of Investigation. When you find information, communicate clearly with the tenant about how you will evaluate the history and ensure you do so without other forms of discrimination.
Challenges in Running a Tenant Background Check in Charlotte, NC
Charlotte is a popular area and ranks the third-most-competitive market in the Southeast this year. As such, you may get many people wishing to rent.
Make sure that this fact does not lead to rushed decisions, however. Instead, take enough time to educate tenants on the best way for them to provide accurate information. Doing this will ensure that you get the best information with which to make a decision.
Screening with PMI Charlotte Metro Ensures Success
A tenant background check can be a lot of work for anyone already managing a portfolio. In Charlotte's busy and popular rental market, handling every screening effectively while complying with Charlotte's specific laws means you have a lot on your shoulders.
Instead, trust PMI Charlotte Metro to manage your property, and you can expect a professional and high-quality tenant capture process. Trust us to do the best for you. Contact us to learn how we can optimize your full tenant screening process today.
