As a small landlord, I had made a lot of mistakes. Learning the hard way helped me create some simple rules for rent.
“Trust but verify” is a golden rule. Everytime, I try to help someone based on their story, I have always invited trouble. I am sure many small landlords have been through this situation. Today, I make less mistakes and all my tenants are amazing. This golden rule helped me find the right tenants.
What does this mean to you as a landlord and how can you apply it?
Step 1: Always let every potential tenant fill out a rental application. If you are not sure how to create one start here.
Step 2: Shortlist applicants based on your criteria. It varies by property and location, you are the best person to decide.
Step 3: Gather as much information about the person during the showing as possible. This is the first step in your verification process. Does the story match the rental application?
Step 4: Run a credit check on the applicant you think is mostly like to get the property. Now, you have a complete picture of the applicant, rental application matches the story from showing and credit check? Done. You might have a winner here.
In my quest to help landlords protect their real estate investments, I created Tenantcube. We recently integrated Equifax credit report. Run a complete digital rental application and verify the information through our tenant credit check feature. We offer more than just credit reports, signup today for free and join other small landlords like you. Together we can protect each others real estate investments.