One factor that many landlords will not overlook is finding out about a prospective tenant. While this can be a time-consuming process, one can not afford to go on good feelings alone. Knowing something about their character and credit history will give them an idea as to how this person conducts their business.
By advertising your listing to a preferred demographic, this will take some work out of the screening process. For instance, if you are interested in those who have a small family, then you may want to advertise in locations or periodicals that are geared to such a demographic.
Taking the time to investigate the prospective will present unbiased information about the following:
- Their ability to pay rent in a properly timely manner.
- Any disputes between the renting parting and previous landlord(s).
- Any past or present negative information about the tenant.
While many landlords hate to lose money by having a vacancy, having a problem tenant can cost them a whole lot more.
It is also important to remember these following things below –
- By performing a credit check and a character reference check will most certainly pay off better than just doing one or the other and the top reason for this being that it takes less time.
- Any prospect that becomes unwilling or defensive about having a reference check done may very well indeed have something unsatisfactory to hide.
- Applicants that attempt to bribe as a way to prevent a reference check should be avoided at all times and at all costs.
- Make it known and very clearly stated to the prospective tenant as to whom you will accept references from.
The main reference checks should come from the prospect’s past and present employers as well as their past landlord(s). They are more likely to give you the information you need as opposed to the applicant’s friends and family. There are businesses that specialize in performing reference and credit checks and this includes previous landlord information and feedback. These types of businesses and agencies can be very helpful for landlords as they are not only time saving, they are thorougher and professional in their dealings with all parties which is what is needed to get things started on the right foot. These types of businesses can be found in local directories along with the internet. Word of mouth is always a great way to find a good referencing company.
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Sandra Hamilton writes on behalf of lifesure for their landlord insurance.
Sandra has had many years experience of blogging on a wide range of topics including landlord and business insurance.