Tenant Background Checks
Why do tenant background checks? Why bother? Why spend the extra money? You can size up people really well and can tell a person’s character just by meeting them and speaking with them. Well, unless you want to eat those words, please heed the following advice. Tenant background checks are a landlord’s guarantee.
Owning property is a wonderful and an awesome investment. And many people have decided that they want to own multiple units of housing to build their real estate portfolio. But along with the good, comes the bad; deadbeat tenants who refuse to pay their rent. To ensure that it does not happen to you, make sure that before you rent an apartment to anyone, you do tenant background checks.
Of course, those who own apartment houses would love to rent it out to those that they know or to referrals through people they know. Unfortunately, most of the time renting like that just isn’t possible. Tenant background checks allow landlords to feel secure in whom they rent their apartments to. By doing tenant background checks you are almost ensuring that you will be able to collect your rent on a timely basis.
Tenant background checks have many other uses. They can be used to check your prospective tenants for a criminal background, sex offender background or a having a past of violence. But be aware that when you start investigating to a different level, to be able to do full tenant background checks you may need to get a consent form signed by possible tenant.
Based on what information is on the tenant application, tenant background checks can be referenced on many different databases. First and foremost, as a landlord, you will want employment verification and then secondly a credit check to be performed. Once that happens, the tenant background checks company will go to the next level with the social security number of the prospective tenant. With that information they can obtain motor vehicle records, eviction records, violence convictions, criminal records and even if they are on any terror lists.
Tenant background checks are the landlord’s best friend. Even if the person is dressed well, speaks well and has a nice car, this is of the utmost importance in protecting your real estate asset. Some of the most affluent looking people are nothing more than con artists who know how to dress and borrow a nice car. But once they get into the apartment, you will never see a dime from them. And then it will take you many months and a lot of money to evict them. Save yourself a lot of time and pain and run tenant background checks.
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