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Chip Parker, manager at Apartment Experts North in Austin, discusses the applicant screening process in the apartment location industry, where he has over 18 years of experience. Screening applicants is vital for risk assessment, as real estate is expensive and carries potential damage risks and financial losses, such as unpaid rents. Chip outlines the four components of the screening process: employment and income verification, credit history check, rental history review, and criminal background check. This thorough screening helps apartment managers mitigate potential risks associated with tenants.