According to a survey, the rental properties are much in demand and people are renting out houses at a faster rate than ever. The survey suggests that a rental property stays for an average of less than just 13 days before someone renting it. There are even places where the properties are rented within hours of it being empty.
This situation has been very good for the landlords looking for tenants for their properties. However, this situation also comes with many potential problems that the landlords have to deal with. With the rising demand of the rental properties, it’s hard work for the landlords to make sure that their property is in safe hands and the tenants living there have clean backgrounds.
If you’re a landlord seeking to rent your property, here’s how you can make sure that you choose the right tenant for your property:
Check the references
Reference is one of the most vital tools to know about the tenants for any landlord. However, it’s seen that most landlords demand references just to keep them inside a drawer completely ignored. If you’re also thinking of taking some references from tenants before renting them your property, it’s recommended that you might check them as well. You can call the references and check with them the authenticity and the background of the tenants.
Consider credit checking
There may arise situations where you can find the tenants renting your property are not able to pay the rent on time. If you want to avoid these situations, you can ask the consent of the tenants for a credit check. Checking credit reports is important because it will give you an idea about how sincerely the tenants have paid their bills and dues. You can find the importance of checking credit reports in various blogs, like credit history checks.blogspot.in that can give you a brief idea about why to check credit scores.
However, remember there will be some people who will be unwilling to go through a credit check and providing you their bank statements and details. In these cases, it’s recommended that you use your discretion and make sure that you check other details properly.
It’s recommended that while choosing a tenant for your property you shouldn’t rush in making decisions. You can take stock of all the people coming to rent your property, make them fill an application form asking their details, and then screen through those applications. This could take several days and take much of your time but it will ensure that the tenant you choose is a good one.
Make sure you get a contract signed by the tenant
Finally, before giving your property for rent to a selected tenant make sure you have a written agreement that you and your tenant can agree upon. This is the most important part of renting a property and this document will govern the terms of the tenancy.