3 Ways to Avoid a Risky Rental Situation

Due to high tenant turnover rates, many landlords are often left desperate needing to fill their vacant properties immediately, leaving them scrambling to find tenants as soon as possible. The problem with renting out your property to just anyone, is that you are taking on a huge financial risk not to mention a lot of potential unnecessary stress. Know what to look for when securing a valuable tenant and what red flags to avoid altogether.

  1. History of Evictions

Beyond a background and credit check, find out if your potential tenant has a history of previous evictions. If they do, then this is an indication that your applicant will be unlikely to follow your lease terms and make payments on time.

  1. Unverifiable Income

While a credit score may be enough for some landlords, if your applicant cannot produce proof of income this could lead to problems down the road. Landlords should always request for recent pay-stubs, call employers and do their own online research to verify an employer’s contact details as outlined in the rental application. This can help ensure that you are not speaking to an applicant’s friend or family member who is posing as an employer.

  1. Bad Landlord References

Although many tenants may have previous rental experience, this is not enough to prove that they had positive experiences with old landlords. It is important to directly contact old landlords and ask for detailed information about an applicant’s behaviour, cleanliness, ability to pay on time, etc. If you notice any red flags this is a good indication that you should continue your search for a more qualified tenant.

Do yourself a favour and outsource the following work to us at Performance Property Management and never find yourself in a sticky situation again!