Securing Your Rental Property by Screening Your Tenants
Renting out a real estate property is definitely a profitable business. But it's not something that will come without associated hassles, especially in terms of tenants. Different people will come and go, and they are also likely to give you different experiences as a landlord. Of course, that's if you don't take tenant screening seriously. Remember, your tenants are the lifeblood of your business, so you'd like to make sure you have good ones.
Application Form
The first thing you'd like to do is to prepare an application form that prospective Rental Properties The Hillstenants can fill out. This is how you get to know who they are, aside from their names. Ask how much income they make monthly, what company they work for, how they're doing with their credit and where they've rented a home before. Also have them provide you references and their driver's license number.
Validation of Supplied Information
You asked them for references, but that's not enough. You have to call these references and get some feedback about the prospective tenant. Also call the applicant's employer and verify if the income stated in the application form is correct. If there are any discrepancies between the information supplied on the form and what you learned from the people you've called, that is most definitely a red flag. For more details about renting, visit http://www.reference.com/browse/renting.
Assessment of Financial Capacity
Of course, your prospective renter's financial capacity is very important. Just because he makes a nice income doesn't mean he will be able to pay you, or pay you on time. Sometimes, it's those who earn a lower income who are more conscious about making timely payments. Look for a credit rating agency and research on how the applicant is doing in this department. Another way to assess whether or not the person can really afford to pay you regularly is his capacity to give you at least two months' worth of cash advance. If he couldn't come up with that amount, you could have a problem if you let him in.
At this time when the economy is far from perfect, there is a greater likelihood that you will end up with an abandoned tenancy from time to time. However, that can only true if you don't take enough steps to protect yourself. Sometimes, these things do happen, but just to keep the possibility low, make sure to be very careful in selecting the people you accept as tenants. By doing so, you are actually securing your Units For Rent Dural and your business by nipping problems in the bud.