Part of the tenant screening process is to speak with a prospect's employer. It is more than just a verification reference to find out employment status and salary.
Landlords can ask several questions of a prospect's employer to determine if that individual's background is able to meet the standards required to become a tenant.
The key to a successful reference experience is to have prospects sign a release of information.
This will allow employers to release personal information to you that they may not be able to do otherwise.
Question #1: What Is The Individual's Income?
It is easy to inflate salary numbers of a rental application.
The employer is going to have the hard figures on that person's salary.
You won't gain access to pay stubs in most instances, but you'll get a solid hourly, monthly, or annual salary figure.
This allows you to compare their income to their debt on their credit report to let you know if they'll have enough money to pay on time.
Question #2: How Long Has The Individual Been Employed?
Having a high salary can be a good thing, but it isn't as good when the prospect has only been working there for 2 weeks.
A common tactic is to emphasize the new salary levels at a new job while drawing attention away from a previous work history.
If a prospect's average time with an employer is just 3 months, there's a good chance that the high paying job is only going to stick around for about 10 more weeks before greener pastures are sought.
That's a definite red flag.
Question #3: Is The Individual Actually Employed?
It is easy enough to make up a company, provide a false phone number, and claim that they were employed.
Sometimes tenants will even hand out the contact information for their friends so it appears that a good employment history has been established and able to be verified.
See if the company is real, look for corroboration from the prospect's credit report, and use the primary number listed for the employer that you find online instead of from your application.
That can help you avoid the common tricks prospects pull today.
These landlord questions to ask employers may be basic, but they help to provide extra information during the screening process.
Some employers are very forthcoming with information.
Others may not even respond to your questions.
Keep it to these three key questions and you'll be able to avoid any legal headaches by receiving information you may not be privileged to receive.
Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More
Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More
If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More