As a new landlord, you’re likely learning all the ropes you’ll need to begin a successful rental business. If there’s any straightforward advice we can give to people who are just starting out, it’s exactly that: make sure you’re running your business as a business. When you’re in a people-centric job like renting out property to tenants, it can be very easy to try to be a friend and let people slide on certain things or overlook others. In order to best protect yourself and your property so that you can continue this work for many years to come, you have to alter your mindset.
The Right Way to Review Tentants
The fact of the matter is that anyone can be a nice person, or at least give the impression that they’re a nice person. When someone has something to hide, they’ll very often try to skirt around it by putting on a friendly front and making you feel at ease. This isn’t to say that some people aren’t genuinely friendly and nice people – they certainly are! It’s just a word of warning that you can’t rely on a person’s word alone when you’re making decisions that could adversely affect your business and your bottom line.
It’s best to approach your rental applicants as if they’re potential business partners, rather than potential friends. Even very nice people can make terrible business partners, so keep that in mind as you interview them and review their application. You may like them as an individual, but will they make a good partner? Can you rely on them to pull their weight to help your business succeed? Everyone has a sob story they can pull out to draw on your empathy. The most important thing is to make the decision that’s best for you and your business.
Better Decision Making
There’s nothing wrong with being a kind landlord who wants to do right by your tenants. People really do fall on hard times occasionally. Your willingness to give them a chance could be well worth it. All we’re suggesting here is that you don’t let your kindness get in the way of making sound business decisions. Don’t place your trust in someone just because they’re very friendly and have a great personality. Trust your gut, but also trust the information you see on paper. That great person could have a criminal history or an eviction record. It’s vital that you know these things before making a decision.
This is where tenant screening comes in handy. A screening service, which is paid by the tenant as part of their application fee, will give you all the information you need to make the best decision for your business. It will tell you all the things that a smile and an interview can’t.
For help in selecting the right tenants for your properties, we recommend our RentalConnect program. RentalConnect offers property owners and landlords a great alternative to the expense of full tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient. The service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search.
Landlords Property Managers Contact TSCI