On the surface, having a home to rent out seems like the easiest way to make additional income. However, having a trustworthy tenant is what makes the process simple for landlords. Many will argue that they find it incredibly difficult to fund good tenants who will pay up on time and take care of the property.
Here are some ways to ensure you pick the right tenant every time:
A stable job
Rental rates are on the increase in the United States which is why it’s more important than ever for your tenant to have a stable job to afford rent. As a general rule, a tenant’s yearly income should be thirty times the rent they pay. This ensures they will be able to pay rent comfortably while meeting other expenses.
Those who are self-employed should provide proof that they can sustain an income for the entire rental period.
Meet them in person
A great way to understand what a tenant might be like is to meet them in person. Meeting them face to face will help you understand if they are responsible or laid back, easy to work with or incredibly difficult, and whether or not they are serious about wanting a home.
Criminal background check
Criminal information is on public record for everyone to access. Records are available on public domains that list serious as well as minor offenses. Always run a criminal background check on a potential tenant to be sure if they have a criminal record or not. All you need is their name and date of birth to run thecheck. You need to verify their ID as well before doing the check.
Check their references
To rent a home a potential tenant requires references to help them find a new place to stay. A reference is like a vote of confidence from a third party. Often, it’s done as a formality, which is why certain references can be fake. It’s essential for a landlord to get in touch with the references presented to them to help you make a decision.
Part of checking their references is also speaking with previous landlords. This helps you understand how they are as tenants. Ask the previous landlord if they paid on time, weren’t able to gather the funds to pay their rent, parted amicably, damaged the property, and had loud parties that disturbed the neighborhood.
Whether you’ve given your home on rent or you live there, you need to take all the measures possible to keep it safe. Homeowners insurance in Bradenton is what you need. Manatee Insurance Services is are liable insurance provider that also provides motorcycle insurance, boat insurance, and auto insurance. Call (941)747-7283 for home insurance quote today.