Tenant verification is important for every property owner in order to determine if the prospective tenant will make timely payments, take care of the property, be considerate of the neighbors etc. In addition to this, tenant verification helps to ascertain the identity of the tenant. Tenant verification can be done by conducting a background check, phone verification, etc.
Let us take a look at some reasons for which it is important for property owners to screen tenants prior to signing a lease contract:
- Protect Your Property: Tenant screening is an important step that every property owner should take to protect his property from dropping its value. The choice of tenants will determine the way the property will be treated and the amount you will have to spend on repairs and maintenance.
- Safeguard Yourself: Before entrusting your rental property to a tenant, you should conduct a screening process to determine whether you can trust him and stay away from any lawsuits.
- Know The Tenant’s Financial Situation: An essential part of tenant screening is reviewing a tenant’s credit report to gauge his credit score and determine the debt-to-income-ratio.
- Avoid Liabilities: Thorough screening reduces the property owner’s expenses due to sudden evictions, the default of agreement, and expenses arising due to lack of responsibility by a tenant.
- Full Criminal, Credit And Eviction Reports: Tenant screening helps a property owner get a potential tenant’s full criminal history, credit history, and eviction reports. These results are vital for determining whether a tenant is worth considering or not.
- Know The Applicant’s Payment History: Information about an applicant’s payment history can be gathered from previous employment and landlord references. Landlord references let you know about the applicant’s track record of paying rent whereas, reviewing the employment history confirms whether the applicant earns enough to afford rent every month.
- Prevent Future Evictions: Eviction processes can be quite lengthy and expensive, so it is suggested to avoid them by conducting a screening process that involves learning about an applicant’s eviction history, if any. This can be done by studying credit reports or an actual eviction report that includes the exact reasons for eviction.
- Peace Of Mind: If you want your rental property to be rented to a tenant who will pay rent on time, handle your property carefully, demonstrate responsibility and be kind to neighbors, you should be consistent with a thorough screening process. This will ensure you a quality tenant resulting in peace of mind as the owner of the property.
Lone Star Realty & Property Management, Inc. offers property management services to its customers. The property managers provide services such as thorough tenant screening, property maintenance, etc. To know more about why every tenant should be verified by the property owner, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at (254) 699 – 7003.
Owning a rental unit has a variety of benefits such as cash flow from rental income. In order to rent out your house for the first time, you should educate yourself on some important aspects of the process. It is necessary to be aware of housing laws in your area, tenant screening process, lease agreement terms and knowledge of other important requirements.
Listed below are some useful tips for renting out your house for the first time:
- Know The Law: Educate yourself on the laws pertaining to rental properties in your area. For example, every state has laws on preventing discrimination of tenants (on the basis of race, color, sex, etc.), property safety, tenant eviction, etc. For information on legal aspects of owning a rental property, it is advisable to hire a property manager.
- Work On Presentation: Present your property in a way that makes it appealing to prospective tenants. Highlight its best features, clean it thoroughly, repaint it, boost its curb appeal with landscaping, etc.
- Screen Tenants: To select quality and reliable tenants, ask your property manager to conduct tenant screening. When questioning them, there should be a focus on details such as employment status, criminal history, credit report, eviction history, etc. A proper screening procedure will minimize evictions, reduce property damage and save your time.
- Formulate A Lease Agreement: Every term, condition, rule, and agreement that you agree with your tenant should be written in the lease agreement. This agreement plays a vital role in offering legal protection in case of disputes related to the rights and responsibilities of the parties involved.
- Price It Right: The price of a rental is one of the most important factors for attracting tenants. When setting the right price for your rental, assess your total expenses and mortgage payments to derive the value of your property. Thereafter, compare it with the value of other rentals in and around your area.
- Maintain A Bookkeeping System: First-time property owners should be disciplined about maintaining financial records and paperwork of the property.
- Take Inventory: Prior to handing over the rental’s keys to a tenant, a property owner should conduct a walkthrough and record the condition of the property at that time. A record of the same should be signed by both parties.
- Protect Yourself: Get yourself insured as a property owner to enjoy protection from missed payments, legal expenses, vacancies, accidental damages and the like. Also, ask your tenants to get renters insurance for protection against unforeseen events.
The agents at Lone Star Realty & Property Management, Inc. assist property owners in renting out their property. The agents are well-versed and have years of experience in the real estate market. For further details on renting out a house for the first time, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also contact: (254) 699 – 7003.
An affordable housing option is the one that suits your budget as per your income and monthly expenses without compromising on the quality of your life. Choosing an affordable rental housing option requires thorough knowledge and research.
Let us take a look at some of the efficient ways to find affordable rental housing:
- Consultation: Get access to online listings from your rental agent. Based on the information provided by you, he will help you look for housing within your price range, in a neighborhood of your choice and with amenities you desire.
- Important Considerations: Determine what your rental requirements are and look for a housing option based on that. Examples of factors that most people take into account are commute time, pet policies, noise levels and more.
- Budgeting: Create a detailed budget by subtracting monthly expenses such as food, utilities, transportation, loan payments, etc. from your monthly income. It is recommended to add your monthly savings goal to your monthly expenses.
- Explore: Don’t be limited to a specific area when looking for a housing option. Consult your rental agent to know about other neighborhoods that may offer an affordable housing option while meeting your rental needs.
- Roommates: If you can find a trustworthy roommate, you can enjoy quality housing on a budget. Roommates are a great way of significantly cutting down living expenses. However, make it a point to seek permission from your rental agency and suffice any documentation requirements.
- Expectations: In order to get an affordable housing option, be practical and set realistic expectations before starting your search for the rental. Make a list of essential amenities or facilities such as number of rooms, security features, centralized air cooling or heating, etc. Additionally, you can make another list of desirable facilities such as swimming pool or other luxurious amenities that can be compromised. This will help you in streamlining your rental search.
Lone Star Realty & Property Management, Inc. offers affordable housing options to its customers. The team assists the customers in finding an ideal rental property within the budget. For more details on tips to find affordable housing, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at: (254) 699 – 7003.