Are you a new landlord? You need to read this

True Property - If you're a new landlord, you need to read this

As a new landlord, you want to save time and money. This isn’t always easy, and some tasks may take you a bit longer to complete compared to an experienced landlord.

I have a couple of tips and tricks for you that may seem like common sense, but they will save you a lot of time and frustration. And they’ll probably save you money in the process as well.

The Application

When you’re creating your application form (if you are doing it yourself) make sure there is enough space to write details in full.

If you require your prospective tenant to fill in the form at the open home (rather than providing a PDF they can fill out at home), then you need to provide space so they can write legibly. We’ve all been frustrated when filling in forms that you only have space to write half of what you need to. Having enough space will make everyone’s life much easier.

Previous Landlord Information

Make sure there are spaces for tenants to include multiple landlords and not just the current landlord. Give yourself some insurance by checking in with multiple landlords before committing to a tenant.

Employment History

It’s important to provide space for a detailed employment history – 10 jobs in 3 years will raise alarm bells. Next! If they are stable and have the same job for years or even if they’ve had 1 or 2 jobs in the last few years, they will probably be a good fit.

Full Disclosure

If you are gathering personal information so you can give it to a third-party, then disclose it! You do not want tenants to come back with a privacy complaint, that will provide headaches all round.

References

Call the references. It’s a way to make sure the people renting your property won’t destroy it. You can save a lot of time and money by making the calls, following through on the reference checks. Don’t just ask for one, ask for a few. If you leave messages and the references don’t respond, ask tenants for more. If the tenants are genuine, then they will be happy to provide more information.

These tips may seem obvious, but you might find its the most basic steps that are overlooked and create problems.

If you find the screening process time-consuming and a task you’d rather not do, you can contact us at True Property Management and we can take care of this for you.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s