Like any tenant inspect the condition of the house before moving in, it is usual to have a background check on the tenant. It is crucial for homeowners to have done a background check of the tenant before deciding on renting out the house or apartment for them. Like how a tenant searches apartments via online and how landlords advertise their properties online and newspapers, it is advisable for the homeowners to do a background check on the tenant before handing over the keys of the property. Here are some of the effective tenant background check tips for you which I kept in my mind while I searched for a potential tenant to rent out my Apartment in OMR Chennai.
First thing to do before renting a house for both landlords and tenants
Every tenant and homeowner must not only focus on the security checks, but it is also very important to know the advantages and disadvantages of renting too.
Renting out process can be related to a job interview. Like how a candidate essentially needs to be qualified for a job, the same way a tenant must also be financially fit, mature, and responsibly trustworthy person. This gives the homeowner a hope to rent out the house for you. Blind trust definitely fails both landlords and tenants in this case. Failing to have a better financial status, might fail the tenant having the house he most likes among all. Meanwhile, the homeowner fails to have the tenant for a long time rental benefit. So, it is crucial for the landlords to mandatorily do a verification check by going to the nearby police station. So, a thorough check on both sides is mandatory to avoid any conflicts or disagreements in the future. Everything, including the identity proof, income, employment history must be taken care cautiously.
This might sound too much, but this is important for the homeowners. The reasons are
(A) You get to have a potential tenant for a long time to increase the rent amount in the future.
(B) If you fail to have one tenant for a long time, you remain with the same rental income with the next tenant in the queue as most of the tenants only prefer fair rents in the beginning.
Word-of-mouth feedback is stronger than paperwork for tenants
For tenants, one effective check they could do is that talking to the neighbours of the landlords. It would be truly helpful if the homeowner belongs to a housing society or Gated community villas in OMR. Because it is not good to stay as a tenant in a property where you know nothing about the homeowner, similarly, renting out the house for tenants who are unknown to the homeowners is too risky.
Always be choosy to ask the right questions
While doing the tenant background check, asking the right and needed questions are the foremost step to initiate the process flawlessly. As most of the homeowners these days advertise their property online, the first conversation, however, starts over the phone. This is the web to filter and qualify the tenant in one phone call. Use the opportunity well to have a control over the process.
It is not safe to show your rental property for a non-potential tenant. So have a word over the phone call to decide whether to take this further or not.
Questions to ask the tenant
1. By when do you need the place?
2. Have you given any notice period to the existing homeowner?
3. Where do you work?
4. What is your credit report?
5. How many bedrooms do you need?
6. Do you have pets?
7. Who else will be living here with you?
Don’t end this here, get them talking
Each landlord is different by nature. Get the tenants talking so you can know the current situation and know how much the tenant ranks of being a potential one. If you happen to know that the relationship between the tenant and the current landlord is not quite good, then think about considering him as your tenant. A decent conversation can help you get to know about the tenant and how they handle a disagreement which is useful for a clear tenant screening.
List of things to check the tenant
Here are some of the things to check which helps you get through the process effortlessly in finding the potential tenant.
1. Check if the person is constantly making payments to clear debts and know about the tenant’s conduct.
2. Invite the tenant for a visit and detailed interview after if you know him well enough in the phone conversation.
3. By showing the property and having a long conversation meanwhile, would help you decide whether give him the keys or not.
4. Check out the credit report and salary history of the person to avoid dealing with the delay rent payments in the future.
By doing all these tenant background screening during the process of renting out one of my flats for sale in OMR, I filtered more than three individuals to select a potential tenant to hand over my keys to make as my tenant. Hope this would help those homeowners who are searching for a potential tenant to rent out their apartments in Chennai.