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Property Management Blog

The Secret to Quality Tenant Screening for Landlords in Denver, CO

Web Admin - Tuesday, November 14, 2017

Screening tenants is the best way to reduce the risk of property damage in your rental home. Today, we’re discussing some of the most important elements of tenant screening, and why it’s so important to do this right.

Checking Credit and Criminal Backgrounds

The best way to screen tenants is to start with obtaining a credit report and conducting a criminal background check. The tenant is advised at the beginning of the application process as to what needs to be done. Our credit and criminal reports are gathered online by TransUnion. We get a FICO score for the tenant, which gives us a good indication of their creditworthiness and whether they pay their bills. The criminal background check covers all the states and looks for any criminal activity. These two reports will impact the selection of your tenant.

Checking Employment and Rental History

While the credit and criminal checks can be done online, we ask for signed documents from employers and former landlords. Once the tenants have cleared the obvious requirements of good employment, acceptable credit, and positive landlord references, we approve their application and ask them to come into the office to sign the lease.

Leasing Process

The lease signing is handled by our senior property manager, who spends at least an hour going over the details of the lease and other documents. The lease is written by a Colorado attorney, which is now required by the Colorado Real Estate Commission. This is a fairly new requirement, but it protects both the owner and the tenant. Once the lease is signed, the applicant becomes our tenant, and the security deposit is collected. In Colorado, you have up to 30 days to return the security deposit at the end of a tenancy, unless your lease provides for 60 days. Our lease does give us 60 days to return the deposit. Make sure you handle the security deposit in accordance with the law.

The lease provides for when rent will be paid, and what fees will be applied if the rent is late. This is a benchmark for the tenant; rent is due on the first, not the 15th. This helps us to collect the rent in the proper amount of time so that money can be dispersed to the owners in accordance with our procedures.

Meer & Company has been dealing with tenants since 1984. With our approach to screening, there has been little damage to properties over all these years. That’s the end result of good tenant screening. We rent to only the best tenants, and the screening process is a great yardstick.

The average tenant stays in our property for three years. If you’d like to hear more about our record of success with placing and screening tenants, please contact us at Meer & Company.

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Meer & Company, Inc.
4545 East Colfax Avenue
Denver, CO 80220

Phone: 303.322.1550
Fax: 303.322.1583