Are you a landlord? Then you definitely know how exciting and lucrative it is to collect rent. If you have been in this business for quite some time now you obviously understand that the greatest asset that a landlord can ever have is a great tenant. Likewise, through experience you have learnt that the greatest liability or rather the worst nightmare you can ever have in your real estate investment is a “nightmare tenant.” A tenant can real complicate the life of a landlord within no time. To reduce the risks of such complications, it is prudent that a landlord should carry out some screening before taking in a new tenant.
Pre-Tenant Check: A Landlord’s Greatest Weapon
The most powerful you can have as a prudent landlord is performing a background check. There are numerous firms that can carry background checks of diverse types. Such firms specialize in the collection of data and information that ends up painting a valid picture of any tenant’s background. The most sought for data by any landlord is the criminal records as well as previous tenant-landlord relationship.
From the business perspective, it is vital that a landlord entrusts their building to someone reliable and dependable. A nightmare tenant can cause lots of damages of different kinds starting from physical to emotional. This definitely leads to a loss of profit. From a moral perspective, a landlord needs to ensure that the tenant who comes in isn’t a predator to other tenants as this will also cause losses in terms of income.
Screening for Criminal Records
Criminals of all kinds, types and classes exist. There is no guarantee that the person applying to be your next tenant isn’t a registered felon or sex offender. In fact, some of these offenders are the most polite when they are looking for accommodation. Wait till they are in and you are in for a rude shock. You have everything to lose if you rent your property to a registered sex offender.500
It is pertinent that a landlord protects the other tenants together with the extended society at large. You need to ensure that you don’t expose those under your care to any unnecessary and unavoidable risks. You don’t want to rent out your property to a registered child abuser if your other tenants have children. The new tenant will cause injury to your tenants or if not, you risk experiencing mass exodus from your property if the tenants come to know about the new comer before you know it. The repercussions will be dire to your profits.
There is no other business that is easier than being a landlord, but only if you do through screening before taking in tenants who in turn become your greatest assets. Without proper planning and screening, being a landlord becomes the worst nightmare you can ever imagine. You should also take a look at this interesting article about best muscle building products.