House or property is still one of the most valuable assets one can boast of. But many times it turns out to be a liability if caught in wrong hands or occupied by tenant with wrong intentions. In this view, tenant screening has achieved significant importance in recent times.
There are many litigations pending to get back the property from illegal occupants. The decision making process is so lengthy and complicated that generally an owner is never willing to battle it out in the courtroom. Often the process takes so long that the owner loses all the hopes of getting precious property back.
Prevention is still the best cure. A little trouble of tenant screening is better than the trouble that may befall later. A little common sense in combination with few careful steps is all it takes to avoid your property from getting into wrong hands. Given under is this combination that will prove to be an important advice.
- Do not rush: Agreed that your property can earn you a regular income; and keeping it unoccupied is actually a loss; still do not rush up to get whichever tenant comes your way, into it. Take time to go through the critical process of tenant screening. Wait till you find the most reliable tenant. The impatience from your part will only invite the trouble.
- Ask the details: Ask your prospective tenant about all possible information about him / her. What is their source of income, where they work, where is their native, who are their friends, where their children study, etc. Watch out for any mismatch or confusion in information. Most importantly ask about their previous owners and get previous owners’ contact information. Ask if they can refer any responsible or well known person.
- Watch out for alarming signs: If the prospective tenant is showing restlessness; or if they are eager to see the property or planning to move in at the earliest; then these may be the warning signs. A good tenant will not move in without being satisfied about the property and the owner. Also watch out for too much leniency and over politeness that tries to woo the owner.
- Do not straightway visit the property: Do not rush up to show property at once. Take time to get satisfied about the tenant, only then take them to the property. While showing the property, show only the portion you want to rent.
- Explain the terms clearly: Clearly explain the term of tenancy, the area under usage, rental payment methods and other conditions, if any. Also tell the tenant clearly that they will be responsible for the physical security and maintenance of the property.
- Contact previous owners: This is the best and the most reliable way to know about the prospective tenant. Check if they had doubtful history, payment defaults or any other disciplinary issues. Also contact any references given by them or their employers to know about them.
- Put it on paper: If the deal is likely to be finalised, you must put everything on paper before signing on the dotted line. The written deal must mention every aspect discussed verbally and accepted mutually. Make two copies of the deal and keep one each.
- Get a witness or guarantor: While signing papers, get a witness agreeable to both sides. Also, ask for a guarantor who can assure adherence to the deal.
- Inform police: Finally, do not forget to give all possible information to the nearest police station about your tenants.
Having gone through these steps of tenant screening, rest assured that you will have peace of mind. A little trouble beforehand will save you and your property from getting into lifelong troubles.
