Pre Screening Tenants: The Vetting Process
I have a property ready for let/lease soon. This will be the first time since using property management companies to find tenants that I will have to select tenants myself. The last time I stole my last from my previous management company once my contract with them had come to an end. The tenant herself was a bit of a nuisance, and so needless to say it was not much of a coup.
This time however I have found a prospective tenant through my own means. I would however need some way of vetting him.
Beyond a sound job(job history), sufficient income, what should I typically look for and how would I go about doing such a background and financial viability check.
Ideally if there are any online databases (websites/ LEGAL Utilies)in which I could provide identifying info to retrieve some knowledge of his credit/ payment history standing.
A reference from his previous landlord would be useful as some, albeit unreliable, point of reference (ofcourse it could be his cousin issuing superlatives to describe his good character).
Beyond these, what personal/insightful questions should I use to glean some idea of what this tenant will be like. I intend to be relatively stern in demanding rent on time through means of tenancy agreement clause (contract); what questions should I pose to this prospective tenant?
This vetting process pertains to an overseas (UK)property but would essentially employ the same process for pre screening tenants. Any suggestions from anyone will, very well, be applicable as I would still need some helpful tips with property leasing/ landlording here in the USA.
References are an important part of the tenant selection process.
Verify the information supplied on the Tenant Application form, which is the basis of the whole tenant screening or vetting process.
References are not foolproof: they can be forged and current landlords may be willing to give a good reference to be rid of a bad tenant.
Always try to obtain a verbal telephone confirmation of a reference and prefer previous landlords to current ones.
There are several types of reference you can specify:
Bank or Building Society reference
Employer's reference
Character reference
Landlord's
Trade reference
You need to balance the need for caution with the amount of time and delay this process adds to the tenancy selection decision: you may miss a good tenant if you make the process too elaborate.
Residential tenants, for example, it may be sufficient to use a bank reference, an employer's reference and if applicable a landlord's reference.
Students you may substitute a character reference for the employer's or bank reference.