Rental forms are the backbone of property management, so why not give yours a little extra punch? Check out these four tips:
1. When preparing a rental ad, include these simple words: Tenant Background Check Required. Tenants with bad rental history or bad credit openly admit they look for ads that don’t have that phrase — and for landlords who will allow tenants in without a background check.
2. Include a cover letter with the rental application that warns of the consequences for providing false or incomplete information before the applicant completes their answers. That simple step can prevent tenant fraud.
3. Standard tenancy agreements are weak when it comes to preventing late rent payments, yet this is one of the most common property management issues. For tenants, paying late is like having a revolving line of credit.
Avoid the aggravation, and sign up to Report Rent Payments with TVS, and include the Notice to Tenant in the tenancy agreement. If rent is not paid when due, that’s reported to a credit bureau. Tenants will understand that paying late is not an option.
4. In dispute resolution, tenants often deny causing property damage. Some go so far as to blame their bad actions — like not paying rent — on the condition of the property. But there is an easy way to fight back. After conducting the move-in inspection, leave a copy of the move-in condition report with the tenant for a few extra days. Ask the tenant to note any additional items they notice once they’ve moved in. Have the tenant sign and date the form and return it. That contemporaneous record is the best evidence that any subsequent damage was caused by the tenant.
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
Click Here to Receive Landlord Credit Reports.
Disclaimer: The information provided in this post is not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
