How to Use Tenant Credit Check and Rent to Good Tenants

Tenant credit check is an integral part of renting out your second or third properties for additional income. By knowing what a person did in the past can usually determine what a person will do in the future. Choosing a good tenant by effective tenant credit check is very important in renting out your properties because bad tenants are usually late on rent and trashes your property after they leave.

Difficulty: Moderately Challenging

Instructions

1. Advertise your rental property in the newspaper. Leave your home / cell phone in the advertisement. Be sure to say no pets because if the tenants’ pets hurt someone, you the landlord might be held accountable. To avoid unnecessary troubles, avoid renting to tenants with pets.

2. The tenant credit check process should start with an application that each potential tenant must fill out. The application should ask for information such as the potential tenants name, occupation, date of birth, current address. Charge an application fee to pull out the potential tenants’ credit reports. Evaluation of a tenant’s credit report is important because you will be able to evaluate the likeliness of the tenant to pay rent.

3. Aside from tenant credit check, you should also meet all your perspective tenants. Have an open house event so that your potential tenants can visit the property and you can meet all the potential tenants at once. Have a conversation with them and find out information like how many people intends to live in the property. Also find out about their lives, jobs, and family situation. This will give you some ideas about your potential tenants. And it will help you weed out those that seem unfitting for your property.

4. At the open house, tell your potential tenants what you expect from them such as keeping the grass cut and other things you can think of.

5. Tenant credit check continues with getting the facts. Now, you have all the potential tenants’ information, it’s time to pull up the credit report. Rank your potential tenants in the order of most promising to least promising. In addition to pulling up the credit report, you should call their current employer as well as their current landlord if possible to find out more information about them.

6. The last step which is the most important is the lease agreement. You should get a solid lease agreement which will protect you and your property.

7. Don’t rely on your gut feelings when renting out your properties because you might encounter a bad tenant that don’t pay the rent on time and damages your properties when they leave. The tenant credit check is a must for anyone that rents out their property.

[TheGlamSquad]

on 12/8/2008 This was a very great article. Very informative article and thank you for sharing! 5*****

[HairCrazy]

on 12/8/2008 Great info!!! Thanks

[Butterfli]

on 12/8/2008 Very, very good advice and excellent tips!Thanks! 5*

[Gardengates]

on 12/8/2008 Oh so right about those last two points! Always get everything in writing. And a great renter is as much a dream as a bad tenant can be a nightmare. I've learned both the hard way! Excellent tips!