Real Estate

Tips for Screening Tenants

I have recently been very disappointed with real estate agents and the way they treat their clients. As a landlord, I will always have a need to know certain things about someone applying to rent my property. In this time of a rotten real estate market, most applicants come from short sale or foreclosure situations. I have a lot of the same story over and over again. So for real estate agents hoping to get a commission simply for calling a rental listing, wake up and do your homework. I want to know why someone’s credit is bad if it turns out to be. I want reasons why it was bad. Here are a couple of reasons why it might be bad.

1. They lost their job.

2. They got divorced.

3. They have medical conditions that cost.

4. They don’t like paying bills.

Some of these can be worked with. I will want to know when they lost their job or got divorced or needed medical care. If they are employed or due to divorce or medical situation. I will want to know how much they earn at their job and ideally I would like to meet the client where they currently live. This will help me decipher the credit report and assess the risk of the property. When I ask kind real estate agents these questions, they are always surprised that I want to know these things. Well, you may be surprised to find out that your landlord can end up with 3 months of unpaid rent, worthless carpeting, and a new paint job needed, at the very least, when dealing with a problem tenant and not Is there a way to recover the full commission. from the Realtor for a breached lease. Not to mention the downtime of searching for a new tenant and a new commission for the next clueless real estate agent. On average, the landlord will lose about $12,000 from a bad tenant. Do your homework Owners. Get the history of why the credit will be bad, then upload the credit check and see if the credit hiccup times match the history or if the person doesn’t want to pay a bill.