Episode 93:Tenant Screening Dos and Don'ts with TurboTenant's Krista Reuther
Summary
There are times in your business life where you have to trust your gut. Tenant screening is NOT one of them. On today's show, I have a landlording expert who speaks fluent Tenant Management: from Turbo Tenant, Krista Reuther joins me as we discuss the HARD TOPIC of tenant screening. From first-time-renters to international applicants to convicted felons, and everywhere else in between, today's show is all about Tenant Screening.
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This Week’s Blog Post:
Welcome to another episode of My Life as a Landlord. I'm Dr. Jennifer Salisbury, and today, we're tackling a significant topic for landlords everywhere: tenant screening. Joining me is Krista Reuther from TurboTenant, a company dedicated to making the landlord's life easier through efficient tenant management tools. Our conversation was so engaging that our usual prep call extended well beyond the norm, reflecting our shared passion for this subject.
The Journey to TurboTenant
Krista's journey into the world of real estate began in a rather unexpected way. While in college, she took up freelance editing to support herself, which eventually led her to a fascinating project involving a luxury hotel in Jerusalem. This experience opened her eyes to the potential of the real estate industry. As she carved out a career in writing and editing, Krista's path led her to TurboTenant, where she now helps educate landlords on best practices, including tenant screening.
The Importance of Tenant Screening
Tenant screening is a critical step in the rental process, and Krista emphasized the importance of not relying on gut feelings when selecting tenants. TurboTenant simplifies this process by offering free tenant screening for landlords, providing comprehensive reports that include credit, eviction, and criminal histories where legally permissible. This allows landlords to make informed decisions based on solid data rather than first impressions.
Handling International Applicants and Special Cases
One of the challenges landlords face is dealing with international applicants who may not have a credit history in the U.S. or Canada. Krista provided valuable insights into how to approach these situations, such as requesting passports, visas, and letters of reference. She also touched on the sensitive topic of applicants with criminal records, advising landlords to consider each case individually, especially for non-violent offenses.
Communicating Denials and Charging Application Fees
Krista and I discussed the often uncomfortable task of denying applications. She recommends being polite yet vague in communication, ensuring compliance with legal requirements like sending adverse action letters if a credit report was pulled. We also explored the nuances of charging application fees, which can vary significantly depending on local laws and regulations.
Educational Resources and Future Plans
To further assist landlords, Krista highlighted TurboTenant's educational resources, including webinars and newsletters. These tools are designed to keep landlords informed and compliant with ever-changing laws. As TurboTenant continues to expand, there's hope for more international offerings, particularly in Canada, where many landlords could benefit from these services.
Thank you for joining me in this episode of My Life as a Landlord. Tenant screening is an essential part of property management, and I hope today's discussion with Krista Reuther provided you with valuable insights. Stay tuned for our next episode, where we'll dive into marketing strategies for your rental units. Until next time, keep learning and thriving as a landlord!