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Landlords: Due Diligence

By
Real Estate Broker/Owner with Unyque Financial

Landlords

A series for all of the Landlords

#2  Landlords do your due diligence

Landlords, first I will be compassionate.  I completely understand that you met the tenant who charms the pants off of you.  They look great, talk great and you think youlease application've found the perfect tenant no background check necessary.  No, no, no Mr. & Ms. Landlord thats where you get into trouble.

Landlords should run background screenings 100% of the time.  By running background screenings the Landlord can easily see if someone has a history of criminal activity, evictions as well as see their history of paying their other bills.  Background checks are easy for Landlords to run through local apartment associations or through a variety of web based programs.  Westside Rentals will give you an application and background check for a small fee.  It is simple and painless to have everyone interested in your rental fill out the application form that the screening service provides, and you will usualy have a report within minutes.

Landlords, for the tax deductable small cost of $10 tofor rent sign $40 you can avoid tenants that have not paid their rent and other bills in the past.  These tenants will have a greater probability of not missing their payments when you rent to them.  Other tenants I recommend you avoid, people who abuse drugs or are frequently in and out of jail because they seldom become stable tenants.

Unyque Financial has been very successful in placing long term tenants in our clients rental properties.  Are you experiencing high turnover and high vancancies, we can do a property analysis and give you free tips to decrease your vancancies and increase your bottom line.  Seeking tenant placement or full property management services call us today.  Happy Renting...

Comments(6)

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Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Luna * Please post your series to the AR Property Management group * feel free to join us....we LOVE talking about landlords!

http://activerain.com/groups/PropertyManagement

 

Feb 02, 2011 03:14 AM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Thank you Luna * very interesting series.  It is well thoughtout and very timely!

Feb 02, 2011 06:55 AM
Michelle Francis
Tim Francis Realty LLC - Atlanta, GA
Realtor, Buckhead Atlanta Homes for Sale & Lease

Luna, 

Very good strategy, we ALWAYS do a rental application on tenants.  A bad tenant is worse than no tenant!!!

Glad you joined the group! 

All the best, Michelle

Feb 02, 2011 10:22 AM
Diane Rice
Rice Prprty Mgmnt & Rlty, LLC, South Holland, IL - Lansing, IL
SFR, SRES, CNC

Excellent advice.  This eliminates the "painted picture" stories of some would-be occupants.  Thanks for joining the property management group!  WELCOME!

Feb 03, 2011 01:08 AM
Luna Petty
Unyque Financial - Pasadena, CA

Thank you Wallace for making me aware of the management group, I joined right away!  Michele and Diane thank you for the welcome. You know people who manage the properties on their own try to bypass this very important step

Feb 04, 2011 01:01 AM
Sidney Kutchuk
Property Management & Sales at REALTY WORKS TEMECULA, CA 92590 (951) 217-6745 - Temecula, CA
Property Management & Sales Experts 951-217-6745

Last landlord that didn't take my advice about screening got stuck with a basket case. Cost him plenty!

 

Feb 07, 2011 05:36 PM