We did a little bit of checking around, and what we heard from most landlords is that finding a good tenant is like ‘winning a lottery’.
Now, you must be wondering just how difficult can it get to find a tenant in a metro city?
Well, besides the common fear of offering a safe hiding-spot to a delinquent or an imposter, there are a host of other possibilities like not getting the rent on time, tenant absconding without paying due rent or just having to deal with a lousy, troublemaker. Hence, finding a “good tenant” can get tricky.
If you’re searching for a tenant right now, you surely hope to be 100% sure before letting him/her in.
A thorough tenant screening, which includes a background verification by the state police, can help eliminate about 90% of your tenant related problems and fears.
Make sure to conduct the following checks before letting out your property to anyone:
i) Verify his/her background: This check will help you confirm if your potential tenant has a history of skipping payments of rent or is likely to cause small-time damages to your property.
ii) Conduct a Credit Check: You can conduct a credit check through credit references or get an agency to do it for you.
iii) Police Verification is a MUST: It is mandatory to conduct a police verification of your prospective tenant before letting out your property to him/her. This process requires you to visit the nearest police station and fill in a form with all necessary details (about the tenant). Police will verify the authenticity of all details, helping you ensure that your aspiring tenant does not have a criminal past.
iv) Talk to the Last Landlord: We recommended that you ask the prospective tenant for the last landlord’s contact details. This will give you a better understanding of the concerned person’s behaviour/habits or if the person is likely to take good care of your property.
There are several agencies which offer tenant verification services (some or all the above) at a reasonable fee. We recommend that you do your own bit of research before zeroing in on one.
Have you had a bad experience with a previous tenant? Share your story to help other landlords be more cautious while renting out a house.
