Property owners or landlords can attest that quality tenants are the key to profitability in the market. But, unfortunately, most landlords have suffered significant consequences when they cut their tenants some slack and overlooked red flags seen if they did some screening on the tenants. Fortunately, there is a simple solution, advanced tenant screening for your tenants. Here are five tips to help you.
Verify income sources
Times have changed, and so has technology; tenants can lie about their income source to suit their application as tenants. A verifiable income source is essential to ensure that the tenant can afford their stay and are involved in fraudulent activities. Callbacks to employers and references provided can also help in knowing your tenant's authentic income.
Check social media information
When you have the names of your tenant, you can access their social media accounts to gather more information. For example, as a landlord, you can compare information provided or their tenancy agreements. Instagram and Facebook are a good start, whereby you can know more about their lives and their affiliations, either socially or otherwise. From their posts, you can also see whether they are associated with any gangs or hate groups, which are warning signs. On LinkedIn, you can also get information in regards to their current or previous employment status.
Contact previous landlords
Applicants who have previously lived in rentals need this screening. It is good to note that the current landlord may speak highly of the tenant if he wants to get rid of any bad tenant. He can cover for any bad habits since he wants the tenant out of his premises. It is better to call at least two previous landlords and get more information on the tenant before taking them in.
Use property managers
A property manager such as those you would find at best tenant screening service is more qualified to deal with tenants than a landlord. First, their profession requires that they stay updated with changing laws and regulations that govern house discrimination. It will prevent a landlord from making tenancy mistakes such as discriminatory ads that would otherwise cost them thousands of dollars in fines. Secondly, as a landlord, you do not have to spend time dealing with unqualified tenant applicants. Finally, if a property manager makes a mistake, he is covered by Errors and Omissions insurance that protect you if their errors caused liability to you as the landlord. Therefore, when hiring a property manager, always ensure that they have this cover before signing any contract.
Develop written qualification criteria
From time to time, you will decline tenant applications. Unfortunately, others might not take this decline lightly and may want to challenge you legally while accusing you of discrimination. Therefore, you will need to show them race, gender, disability, and familial status neutral criteria in such an event. Similarly, you will need to show them how they did not meet your qualification criteria.
In conclusion, these tips are a guide to help the landlord in finding the best tenant for their properties. However, the final decision remains in the landlord's discretion, as per the qualification criteria you maintain. Nevertheless, it will ensure that you are protected and also continue to make profits in your properties.