Tenant screening should be conducting on any renter of a property large or small and as the housing market heats up tenant screening should be expanded to co-ops and house sharing. Adam Almeida, President and CEO of TenantScreeningUSA.com states: “Tenant background checks can be a valuable tool in protecting people and property, and must be conducted on any rental or joint ownership property.”
As the housing market continues to explode in 2016 the ability to find acceptable housing for business professionals has become challenging. In Northern California roommates are becoming more fashionable.
From PenisulaTimes.com (Dec. 15, 15):
Confronting an acute housing shortage, a disparate group of Bay Area residents, some of whom would easily be able to afford their own apartments in other regions, have found roommates to share the cost of rent. (1)
There are three key reasons to conduct tenant screening.
- Protect Property – A bad tenant or roommate could treat property with little respect or care. The cost of replacing damaged items could be significant.
- Protect People – In a roommate situation understanding who is sleeping across the hall is critical. In many roommate or co-op arrangements the relationship can be relatively new. Information drawn from public records combined with a conversation and interview will assist in the decision-making process.
- Protect Reputation – Perhaps not as critical in a co-op or roommate situation, tenant screening can assist in creating a positive environment in assisting in attracting and developing a longer term relationship.
From the cooperator.com (Dec. 15):
Simply put, it is the fiduciary responsibility of the board to get all the facts about a prospective resident—especially if said prospective resident did hard time for something egregious, like sexual assault. Boards must protect the investment made by the building’s existing unit owners. (2)
Adam Almeida, President and CEO of TenantScreeningUSA.com states: “As is true with traditional landlord-renter relationships, co-op and roommates should utilize a third-party tenant screening company, one that is capable of accessing on-line databases and researchers capable of drawing information from county courthouses.”
In some areas of the country larger co-ops are popping up. Again, Northern California is leading the way.
From PenisulaPress.com (Dec. 12, 15):
Startup employee Elena Stamatakos saves on rent by living in a housing cooperative, called Ithaka, located a few blocks from downtown Palo Alto. Stamatakos became head of logistics at Feeding Forward, a food conservation startup, after earning a master’s degree at Stanford. She said she wouldn’t be able to afford an apartment in Palo Alto unless she were to share it with “at least five people.”
Occupying three separate structures, Ithaka’s 20 residents lower their expenses by purchasing food in bulk, splitting utility bills and leveraging diverse skill sets. When the co-op’s television stopped working, one resident was able to replace a broken part at a fraction of the cost of a new TV. (3)
Almeida adds: “Regardless of the living situation, co-op or roommate, tenant screening should be a part of the process as it will assist in protecting property and people. And a third-party tenant screening company will be able to assist.”
TenantScreeningUSA.com is a third-party resident screening company that provides tenant background checks to landlords and property managers for all sizes and types of rental complexes. From the single-unit to the large community, TenantScreeningUSA.com has the ability to customize a tenant screening package specific to a managers unique requirements.
Notes:
(1) peninsulapress.com/2015/12/15/bay-area-home-sharing/
(2) cooperator.com/article/predators-vs-privacy
(3) peninsulapress.com/2015/12/15/bay-area-home-sharing/
