Just as you might think you need to be careful in purchasing or selling real estate, you need to be careful in renting (tenant) and renting out (landlord).
These days, it's just so easy to get scammed. There are reports of tenants losing money to a "landlord" who isn't actually the owner of the property. They somehow have the key to the property, show it, take your deposit, write and sign the lease and then at move in time...bingo! No landlord, no key, no money. As a landlord, the proposition is just as precarious. If you aren't in the position to check on the references (real ones), do a credit check and a background check, you are leaving yourself open to disaster.
How can these pitfalls be avoided? Use a REALTOR, use a property management company. The management company should be running background and credit checks with the charges for the search going to the tenant. Make sure they are using a multi-state program as we all know those with criminal backgrounds, bad check reporting, etc are likely to move around from state to state. The only way to protect yourself is to make sure the check is throughout most of the states in the US. We all know some people can go through hard times and their credit may not be up to par. It could be from a couple of years ago, it could be from last month. A professionally run credit check allows the property owner to determine if the prospective tenant is a "good risk" or not. Often times, extra security is required to ensure payment.
For tenants, knowing the property is registered with a management company gives you peace of mind that the management company is dealing with the owners of the property. You know that if you give a deposit it is held according to state laws and if it's not, you have recourse and are protected.
Make sure you do yourself a BIG favor and protect yourself!
Realty Exchange offers property management services and does all of the above. If you have a property you would like managed here in Palm Coast or Flagler County, give me a call at 386-793-7302. If you do not want property management but would like for us to find and screen tenants for you, we have a program for that also.
And tenants...our properties are screened and researched to make sure the property is actually owned by our customers. Your deposits and securities are held according to state laws.
Cyd Weeks
Let Real Estate agent Cyd Weeks assist you with all your Real Estate needs in Palm Coast and Flagler County. Serving you with homes, lots, rentals, condos and investments.
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