Being a landlord is a tough job. Not only are you opening up your property to people and hoping they’ll pay their rent on time and keep the apartment in good shape, but you have to address when something breaks and manage renters who may be dissatisfied with a service or current situation. Companies such as Taylor Equities can help you make your dream of owning an apartment a reality, but Steven Taylor Taylor Equities can’t help with your toughest job – getting the units filled with good people. Here are two questions any landlord should ask prospective renters.
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1. What’s their credit score?
Financial independence and dependability are key traits of good tenants. Seeing someone has been up on their payments and maintained good financial standing will be a positive indicator that they’ll continue to stay on top of payments such as rent and utilities. Running a credit check does cost, and you can make the fee part of their application fee. If something does come up, you can either immediately deny the renter or have a conversation with the prospective tenant to see if other variables may have been a factor in a lower credit score.
2. Do they have a criminal record?
While no one should be trapped to their past, and people can turn their lives around, it’s a good idea to know who is living in your building. Did they just get out of jail, or have they been free for over 20 years? This detail could make a difference in deciding if they would fit into the community. Instead of going off someone’s word, you should run a criminal background check. Make sure to verify someone’s identity with an official ID in case someone is trying to hide who they are. The more you know about someone, the better you can feel allowing them to move inside your building.
While doing research beforehand doesn’t guarantee everything will always work out, it will give a landlord more confidence and trust in the people living at their apartment.