Tenant Verification

By Author: AB Associates
Total Articles: 7
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The purpose is to assess the likelihood the tenant will fulfill the terms of the lease or rental agreement and will also take great care of the rental property in question. The process culminates in a decision as to whether to approve the applicant, approve the applicant conditionally (such as requiring an increased deposit or cosigner) or deny tenancy.
Tenant verification ensures a landlord that his tenant are capable of paying rent on time and are not troublesome or having any criminal background. Tenant verification plays an important and vital role in finding the best tenants for your rental properly.
Successful landlords know that tenant verification is the most important task when letting property. Tenant verification can be either done by the landlord himself or by a hired professional service provider like Detective Agency. Today renting a property is one of the important sources of income for landlords, and tenant verification ensures that tenant are of a good background.
Tenant verification plays a vital role in finding the best tenants for your rental property. You can eliminate about 90 per cent ...
... of your tenant problems by Tenant Verification
Major Issues regarding Tenant Verification:
Background Check: Background check is the first and most important step in tenant verification. If your potential tenant has a history of skipping rent or destroying property, you may be able to find this out through a background check.
Previous Landlord: You can ask for character references or contact details of the previous landlord to know more about your prospective tenants. This helps you to ensure that your prospective tenants will keep your premises and property clean. It will also ensure that they don’t undertake any destructive actions in your property which may end up damaging your property.
Police Verification: Nowadays it is mandatory for landlords to get police verification while accommodating a tenant. You need to duly fill the police verification form with particulars of the tenant whom you intend to let out your premises. Police uses information provided by you to verify the background of your tenant. This helps you to ensure that the prospective tenants are not criminals or of troublesome nature. You can collect Police verification form manually from the nearest police station or download it from the website.
Credit Check: Check credit references to determine each applicant’s credit history. If you do not have anybody to conduct credit screening for your tenant, or for some reasons it is impossible to do it yourself, you can opt for a private agency to do it for you.
Agents: In case you are not able to find a prospective tenant, appoint a real estate agent or service provider to find a good tenant for your property. The real estate agent will assess your property and set a rental price based on its size, location and quality. Talk to two or three agents and compare their level of service and fees before appointing them. You must also inform your building’s insurance provider that the property is let out and update the contents of your insurance policy accordingly.
Tenant verification plays a vital role in finding the best tenants for your rental property. You can eliminate about 90 per cent of your tenant problems by Tenant Verification.