Whether you are trying to sell your home and you are not having any luck or are short on cash, renting out your home would be your best bet. Furthermore, renting out a house is not only easy compared to selling a house which is a much-complicated process, but also allows you to retain ownership of your home while making a profit out of it. With that said, while renting out your property can come with plenty of perks, it also comes with some pitfalls if you don't have the right tenants.
Furthermore, if you want to rent out your property, it's crucial to understand how to screen tenants so you can be sure your experience as a landlord will be a pleasant one. Read on to find out four tips for screening tenants.
1. Run a credit check- It goes without saying, that a tenant with a solid credit history is more likely to keep up with rent payments than someone whose credit history is shaky. This is the reason why it pays to run a credit check on each applicant who crosses your path. Furthermore, you can do so by obtaining a copy of their credit report and reviewing it for red flags. Specifically, you'll want to look at that person's payment history to see whether they pay bills on time. In addition, you should also look at the tenant's current debt, the more your applicant has, the harder it may be for them to pay rent on time.
2. Talk to the tenant's employer- Before allowing the tenant to sign a lease for your rental property, find out if they have a steady source of income. Furthermore, you could either ask for a recent pay slip or get in touch with their employer directly. Furthermore, while most employers might not be willing to share private information, they should at least be able to confirm if the renter is currently an employee of their company.
3. Criminal record search- A criminal search can be a good indication of what a tenant's behavior will be like while in your building. Besides, the extra cost of getting a criminal search is definitely worth the benefits. Furthermore, one of the main benefits is the peace of mind knowing your tenant does not have a history of theft, violence, or vandalism.
4. Meet your prospective tenants in person- In our busy world, many people are switching to digital communication and phone meeting. However, it is essential to take the time to actually meet face to face with your potential tenants. Furthermore, this will help you get an idea about their personalities, and goes a long way toward making a lasting relationship.
While these were some of the tips and tricks for screening tenants, there are many others, such as check out their social media profiles, contact two previous landlords among many others.
No comments:
Post a Comment