by Private Property Reporter
Most property agents believe that when a prospective tenant has cash in hand, renting the house is next but this is actually wrong. Payment up front is good but there are other things to consider when selecting tenants in order to zero out the occurrence of avoidable problems.
You must confirm your prospective tenants source of income before letting a property out. For instance, it is not plausible to rent a house to an individual that earns less than the expected rent. Such an individual might have plans to sublet other parts of the property to meet up other expenses and future rent payments. By requesting for evidence of income; bank statements or payslips, an agent can fulfill this requirement.
Check the rental history of a prospective tenant. Confirm why they are in need of another place, were they evicted by previous landlords for failing to pay rent or being a nuisance to other residents? While most agents take solace in the fact that they have collected a year or more rent payment from a tenant, there are damages or mishaps that can outweigh monetary value of rent advances if these checks are overlooked
One of the most important things to consider is a background check and references. All criminals have an abode! To avoid housing criminals and wanted individuals, you can check the police station for criminal records. You don’t want to house a psychopath, murderer, or a criminal as this could get the property roped in during criminal investigations.
Conduct direct interviews with prospective tenants. As an agent handling a property, your responsibility does not end at collection of rent. Thus, it helps if you have a non-financial conversation with prospective tenants. What are their hobbies and interests? Do they have pets? Knowing their interest and activities can help you detect red flags and other unacceptable uses they may want to put the property to. Build a cordial relationship with prospective tenants. This helps to bridge communication gap and reveal information that might affect the suitability of a tenant to occupy a property.
