A major factor to having a good time letting your home or real estate property are the tenants who will be staying therein for the contract period. Not all tenants will make your life easy as people have different personalities and approach to life. This is why knowing who you’ll be letting out your home or property to is crucial as a landlord. This decision could be pivotal in maintaining your asset and enhancing its value in the long run with the right tenants. So what are the ways and things to look out for before letting your home or property to the best tenants? Here’s a checklist to guide:
- Do their financial evaluation
A potential tenant with poor credit and huge debt will likely not be able to pay his rent in due time and this is certainly a major headache for landlords. Make sure to verify your potential tenant earns a decent income and will be financially responsible in paying his bills and rents.
- A criminal check
You certainly don’t want to let your home or property to some elusive and criminally minded individual. Since this is normally a public record, you can check at courthouses while making sure their name and date of birth show no discrepancy with that on their valid I.D since criminals are smart enough to falsify this information when requested. To save time, you may also consider hiring a tenant screening firm to do this on your behalf.
- Consult their past landlords
This could be the most deciding factor and explicit way of knowing all about your potential tenant, thus, determining whether you should let your home to them or not. Consulting one or two of their past landlords will be a life saver for you and your property as you will find out how responsible they were in their previous apartment, their cleanliness, if they paid their rents on time and other salient information about them.
- Their immigration status (if expatriates)
It’s possible your potential tenant is an immigrant whose immigration was illegal or has some other sort of issues with the immigration authorities. You may, and likely be penalised if authorities find illegal immigrants residing in your home as they may think of possible collusion. So, ask and verify they are legally fit residents before letting your house to tenants.