For a property manager and landlord, screening is one of the most important and challenging elements against the rental real estate. It straightens up by selecting the right tenant on the paper and by a character which would set the tone for the next year or two.
In case your tenant is amazing in every way which falls perfectly under the system you’ve developed, it complements to the friendly relationship with the property manager, self-management of time and would keep you motivated to invest more in passive income generating real estate units.
Here are a few key components that would ensure on your screening process to be as complete as can be with every potential applicant. In the realm of Dubai property investment, these are rather unheard, unobvious yet most effective in deciding on the credibility of potential tenants.
Request for cleared rental cheques
Applicants can jab almost anyone about their previous landlord contact, requesting for the most recent three copies of cleared rental cheques; front and back tells us of their current running status. The cleared copies can tell:
- Who the cheque is being written to
- A perfect amount match to their claim and if the count is similar for each month
- Cheque clearing details for reliability
Since online tenant portals are more common nowadays, most of the landlord’s request for digital payment history and matching the statements to the schedule. If tenant claims of cash payment, it may reflect the likelihood of withdraws and raises the red flag.
Review the tax records
You can and should evaluate the tax history and verify against the details provided by the tenant. However, if tenant claims of writing down the cheques, it should raise red flags and doubts reliability.
Acquire eviction report
Perhaps one of the best things to happen to landlords in the last decade with screening! Evaluating companies or online standards as laid by the state government makes it far easier to see if an applicant has ever been filed for eviction. You can even dig out credit reports and possible judgements against these, however; landlords haven’t taken things that deep so far. Still, it helps to keep things clear and streamlined from the beginning.
Ask for pictures of pets
Law for keeping pets in the house being tenants vary from one country to another and even between cities. It’s better to request a recent and clean picture of pet(s), so you as a screener can take effective measures before agreeing to the deal.
Copy of driver’s license
A colour copy of the applicant’s driver’s license would let you verify address and other details to verify against the rental documents. A driver’s license would tell about the date of issuance and verifies the date of birth whereas match applicant’s data with online information as on the social networking websites, should you wish to go further. All of this would help you in taking the right decision.
Execute online research
The ever advancing internet has streamlined the entire process for landlords with countless benefits to property investment all through. Profiles on social networking websites reveal much about a particular person, activities and other such details that would help you in taking an informed decision. Besides, expanding your rental business in a best possible way can be done through these online platforms thereby inviting local and international spectators.
A quick turnaround
Moving is always stressful, no matter how old you are. It comes with excess physical and psychological stress, especially when moving away to places far away from your current location after spending years in the place.
For landlords, an application of the potential renter to move on comes with the same stress especially the thought of going through the entire procedure all over. If you receive such a request or application, better respond within the next 24-hours and demand a quick turnaround.
If you wish the rental unit to generate handsome and constant cash flow, diligent screening of the tenant is crucial.