When you plan to rent a property to earn an additional income, you probably envision finding a tenant, signing a lease agreement with them, and everything else falling into the category of “happily ever after.” Sadly, this is generally not the case. In order for you to make sure that the tenants who apply to rent your place will be good tenants and neighbors, you need to make sure that you use a tenant verification process to check for things that they might try to hide such as a criminal record, or previous evictions. Contact Rental Research Services, Inc. today to learn how we can make this process easier for you.
One of the most important factors for a landlord when renting a place is making sure that the prospective tenants earn the appropriate income to cover not only the initial costs of securing a rental, but also to pay each month’s successive rent. Tenant verification will include a record of not only pay stubs, but also, any bank statements or tax return statements that will help to provide a clear financial picture of the prospective renter. Make sure to provide the rental research company with the specifics as to their employment, as those who are self-employed will have different records from those who were employed by someone else.
Many people are good at fooling others with the amount of money they have because they are busy racking up debt on various credit cards. Rental Research Services will provide tenant verification that thoroughly covers all financial assets, including credit card debt and credit score. Someone who has an established history of credit card debt would not be an ideal tenant, as their ability to pay on a regular basis would seem to be conditional on a number of other financial factors.
This is a sticky area, as some people feel that when a person has served their debt to society, they should be given every opportunity to try and reestablish a normal, law-abiding status as a citizen. Most landlords, however, would probably not feel very secure entering into a lease agreement with a felon, and rightly so. Tenant verification can provide a criminal history of potential tenants, along with the nature of the crimes. Without running a background check of this nature, you are left with no recourse other than to trust the word of the prospective renter.
Previous Landlord References
Never underestimate the validity of what a previous landlord has to say about a former tenant. In fact, make sure to ask the landlord questions such as whether or not they can recommend the tenant without reservation, whether the tenant had issues with neighbors, how long they were a tenant, and whether or not they were able to return the security deposit. The answers to these questions will help paint a very informative picture. Tenant verification will provide you with a list of previous rentals, allowing you to find the contact information for their previous landlords.
Your rental property is a valuable investment property for you. Make sure to treat it with the care it deserves by prefacing all rental agreements with tenant verifications. Rental Research Services in Eden Prairie wants to help you find the tenants that will be beneficial to your rental property. Call today to learn how we can help you!