Do you have problems with your tenants? Why do you let yourself be carried away by that burden?
Indeed, renting properties is not an easy business. It takes time and effort to maintain your belongings and yes, a lot of patience to preserve your relationship with your tenants. Your connection with these various people is undoubtedly complicated and sometimes overwhelming, as you are expected to make a lot of deals to establish a healthy relationship with them.
Unfortunately, there are some people you can’t get along with easily. There are personalities who can’t agree with your system indirectly, and you’re sick of it!
Well, they can’t get on your nerves all the time, you know? Good news because you can definitely get rid of your problem. To do that, why not give some thought to the following ways that will surely help you in choosing the right tenants for your beloved apartment?
1. Prepare an application form. Make things official by having your potential guests fill out a detailed form that demands answers about their name and income, credit and previous rental details, references, their driver’s license number, and finally the name of their employer. If your applicant refuses to do so, then by all means show them the exit.
2. Don’t forget to get an ARI. The Authorization to Release Information document will help you confirm your applicant’s credit information; therefore, assuring your integrity as a possible guest of yours.
3. Validate the References submitted. Try to contact the recommendation that the requester specified to you. Contact both the prospective tenant’s employer and previous landlords to learn more about their income and past.
4. Find a CRA. The Credit Rating Agency will prepare your applicant’s credit report. This way, verified records will be delivered to you. However, make sure that if you ask the tenant to pay the CRA, you won’t get more than the fee charged.
5. Examine the tenant’s ability to pay. Assess the applicant’s ability to pay rent on time by subtracting a sample of expenses from their income. Through this, you will now be able to pay the lead. However, never assume that if your tenant earns more income, he/she would be trustworthy. Most of the time, it is those with the lowest income who can pay regularly.
6. Ask for a security deposit. To find out if the potential tenant can afford the rent payment on a monthly basis, ask for a cash advance of at least a month or two. If the applicant is unable to pay, then you might as well consider participating which is not good for you or your business.
7. Secure evidence. You better be prepared for possible court trouble, so take some photos of your properties at the same time you file a condition report so you have something to show if your property is damaged by a tenant.
Don’t waste your time dealing with these dilemmas. You can do something about it, so relax and remember the list of guides above.
