Vivek owns two properties in Hyderabad, and wants to rent out one of them. However, he is worried that the new tenant might not take care of the house as he does and in the end he might have to spend more to restore the house. If you are also undergoing such thought, regarding your new tenant, then this article is for you. It will focus on few tips to help your get a good tenant for your let out property.
For many people like Vivek , renting is a second source of income. If someone has a property that is not occupied, then, it’s a great idea to rent it out. But, it is important that you find a good tenant who is paying rent on time, and takes a good care of the house.
The whole thing starts with a tenant verification that helps the landlord to know that the new tenant is capable of paying the rent and is not a troublesome with any criminal background. This is the first and foremost important step that has to be done by a landlord or he can hire a professional service provider.
Verification of Tenant – Tips
This can be done by asking the tenant, where he was residing before and the reason for relocation. If your potential tenant has a history of lapsing rent or damaging the property, this background check will tell you all.
Due to many fraud cases happening today, it has become mandatory for landlords to get police verification while letting a house to a tenant. It’s a simple process, the landlord has to fill a simple police verification form which will have the name and address of the owner and the person who is going to rent it out. Police will use this information to find out about the prospective tenant. This process is one step towards knowing the credibility of the new tenant.
In the first step I had spoken about asking for previous accommodation and contact details. You can contact the previous landlord and ask necessary questions on how he was maintaining the property and was he paying the rent on time. This will also ensure you that the prospective tenant has not taken any destructive action that will result in damaging your property.
This step will verify the tenant’s credit history. If you are not able to find out this particular detail, you can hire the services of private agency who can do this for you.
Rental service provider – Agents
In case you have no way to find about your prospective tenant, you can leave the job to the agents who can help you not just in finding a tenant but also do a proper background verification for you.
An agent will assess your property and will fix a rent based on the market conditions, locality and quality. He will show around your house to various tenants, and if someone likes it, then he will do the background check on them. If satisfied, you can rent the house to them. In the end you have to pay commission to the agent for providing you with a tenant and for his services.
Adhering to the above tips will surely help you find the best tenant for your precious home.