Tenant Screening is the Key To Success for Landlords To Find Great Tenants
The problem with new landlords is they will often rent to the first person interested in their rental property.
They see someone interested in renting their unit, and this person has money. And this can be a huge loss.
And why not?
The landlord is already paying for the mortgage of the property.
Each and every month it is vacant is a huge financial loss for the landlord.
This means the first potential renter who shows up, seems pretty nice, looks presentable and tell you he or she want the place….looks like your perfect tenant! Of course it’s always best to hire professionals.
So You Say “Not so fast”
And it’s a mistake that could end up costing you not only tens of thousands of dollars, but your peace of mind.
What If the Potential Renter Seems Decent? Nice Car, Friendly, Well-Dressed and Stuff?
Some of the worst ‘Tenants From Hell” have come across extremely well when first meeting their future landlord. They have practiced and they know the key words they need to say and how they need to look to get into the unit and avoid proper tenant screening. Professional property management companies won’t be fooled, but many small business landlords are.
So What Do I Need To Do?
First you have to request the applicant’s information.
Okay, Then What?
Are you have all the applicant’s information, you need to make sure it’s true.
You Mean Tenants Might Lie?
Yes. It happens all the time. You need to verify everything to make sure the tenant is qualified to rent your property.
Your tenant screening process starts.
#1 Do a credit check
#2. Verify employment
#3. Verify income
#4. Verify current and former rental addresses
#5. Verify and references
It Seems Like A Lot of Hard Work
It is. But it’s nothing like the work you will have to do if you get a non-paying tenant, or worse.
This article originally appeared on ontariocreditcheck