Whether you are a Landlord with one property or a Landlord with many properties under management, you should take a few simple steps to ensure that risk of getting bad tenants is mitigated. Here are our recommended best practices and easy steps for you to follow:
- Advertise the property and screen all applicants. You should always screen all prospective tenants. Your goal in doing so is to determine how they manage their finances, what their previous rental history looks like, and understand which tenant is best suited for your rental property.
- Make sure you have a screening process already in place. Screening is a fact-finding mission, and we can help. Here is an free and easy template for you to modify and use: Tenant Application Template
- Once you’ve screened your applicants, do the important due diligence checks.
- Call character references
- Call previous landlords
- Get a credit rating report on your prospective tenant. A credit rating report from CINCB will tell you whether your applicant has any delinquent debts. This is any important indicator as to whether you might not get paid from the tenant down the road. To get a credit rating report:
- either instruct your tenants to obtain their credit report from us and give it to you directly with their application,
- or become a member with CINCB today to order credit reports when you need them.
- After reviewing your applicants choose your tenant and make sure you get an agreement in place. Your tenant agreement is critical to spelling out rights, obligations, and responsibilities for both parties. It is also important to have in the event of any disputes that may arise such as unpaid rent, utilities, or property damage. It is a good idea to consult with an attorney to help you prepare your formal agreement to ensure everything is covered.
CINCB is ready to assist you. Contact us today!
Have more questions? See our FAQs here for answers right now.