Orange County, California’s Lido Property Management says it has found an answer to the eviction issue that plagues so many rental property owners: be more vigilant in the tenant screening process.
While it may seem like a simple answer to be proactive rather than reactive, Lido says the detailed work that goes into proper tenant screening can be quite extensive. At the same time, the reduced number of evictions is well worth the effort and Lido’s landlord clients can attest to its benefits.
In their 25 year history in the property management field, the goal of the company and primary concern in their tenant screening process is to protect the investment that a property owner has made and optimize rental profits by bringing in only qualified tenants who will not be a risk for the cumbersome process of an eviction.
The first part of the tenant screening process performed by Lido is to complete a criminal background and credit check. While a basic search of this type is done by most property management firms, Lido has expanded their standard inquiry to include employment verification using pay stubs only within a two week period and checking to make sure that the applicant has available funds in their bank account.
In addition, a consultation with the prospective renters is done to make them aware that pay garnishment could happen should the rent not be paid in a timely manner.
Lido has also discovered that speaking with current and previous landlords often helps to identify what are considered “problem tenants.” In an attempt to get rid of these tenants, some current landlords will be less than honest about the tenant’s ability to pay. On the other hand, previous landlords will be more upfront about whether the prospective tenant is a problem as they have no financial stake in the matter. By taking this extra step, Lido reduces the amount of problem tenants their clients will have and the subsequent number of evictions.
In fact, Lido says that its tenant screening practices have led to a 99% reduction in eviction rates for their clients, making Lido Property Management the first company for Orange County property owners to call when they are tired of dealing with evictions.
Lido’s also brings in staff who are multi-lingual, which aids in finding the best potential renters.
In addition to proactive tenant screening, Lido Property Management can also provide accounting, maintenance, collection, and many other management services.
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
