Posted on: March 22, 2017 by Fieldale Insurance Agents
Quality and long-term tenants are the best source for additional income in any rental property. If you’re in the market for a new tenant or you’re looking to fill your own home temporarily, sourcing and vetting a qualified tenant can be overwhelming. However, with these simple tactics, you can find and screen reliable candidates with ease. In addition, don’t forget to protect your investment with a VA Home Insurance policy and require that your tenant carries renter’s insurance, as well.
As a landlord, you will have to decline an applicant from time to time. Sometimes, that applicant may be a member of a protected class under federal or state housing regulations. If an applicant accuses you of housing discrimination, you’re going to want to be able to show them a race-neutral, gender-neutral, disability-neutral, familial-status-neutral criteria written in advance. And of course, you’ll want to be able to show how the plaintiff didn’t meet these perfectly legal tenant screening criteria, explains All Property Management.
It’s easy for someone to provide a fraudulent pay stub with a computer and a photo editing program. If you’re uncertain about asking for pay stubs, ask for the last three months worth of bank statements instead.
Their current landlord might speak highly of them just to get rid of their worst tenant. However, a former landlord is more likely to be honest about late payments, complaints, and poor treatment of the unit.
Both spouses and roommates should get their own background check. Stay alert to attempts to substitute a relative’s background check information in place of the actual applicant, states the article.
Chances are, if the applicant is attempting to hide something, they will leave parts of the rental application blank. However, if you need to evict them down the road, you’ll need this rental application as proof that he or she lied or that they misrepresented something. Have them thoroughly complete this before offering any lease agreements.
In our next article, we will discuss five more tried and true tenant screening strategies to give you peace of mind and a consistent source of income.
At Fieldale Insurance Agency, we specialize in protecting homeowners and their assets throughout Virginia. Our coverages can be custom-tailored to meet your specific needs and give you peace of mind. For more information about our products and to learn how we can assist you, contact our experts today at one of our two locations:
Fieldale (276) 673-6701
Martinsville (276) 632-3451