Yesterday I nearly had a heart attack!! Not an actual one.
But, when I heard one of our owners say that they don’t want credit checks completed because they don’t want the added cost my heart raced and I nearly had a panic attack.
You see credit and reference checks are THE most critical key to deciding whether or not to offer your property to a prospective tenant.
I always remember a few years ago meeting a really well presented couple at a property.
They spoke well and said they had just sold their business and were looking to rent for awhile while they decided what their next step was.
I very nearly didn’t complete their checks but that little voice inside my head said ‘don’t skip the steps in the process, complete the checks’.
So that’s what I did only to discover that they were bankrupt (that in itself is not a reason to decline them from renting a property).
However, when I spoke to their property manager they said they were in arrears with rent and also caused many problems during their tenancy.
If I hadn’t completed the checks and taken them at face value who knows what the result would have been.
But that’s not the only story:
More recently we met a really friendly, amiable chap who was looking to rent for him and his daughter.
When we completed the checks, the current landlord told us confidentially that although he was indeed a really lovely person some of his gang mates weren’t.
They turned up at the property at all times of the day and night and the neighbours felt quite intimidated. Add to this the friendly man also loved to play rap music into the wee small hours. Hardly an ideal tenant!
So NEVER, EVER leave out this step in your tenant selection process. A small amount of time and money spent now could well save you both stress, money and panic attacks down the line.
Renthub offers flexible options for self-managing owners and a full-service option for owners that want to be totally hands-off.