One of the most challenging, yet rewarding, jobs is being a landlord. Whether it's a full- time gig for you, or it's your side hustle to earn some extra income, there is a lot to think about and understand if you want this venture to be successful. The last thing you want as a landlord is a tenant that is hard to work with or doesn't pay rent. In fact, one of the keys to success in this industry is ensuring that you find the best tenants possible, and one of the ways to make sure you do is with a tenant background check. Here are four reasons you need to incorporate this practice into your rental routine.
Unfortunately, there are people out there who are going to try to take advantage of you as a landlord. Choosing not to require a tenant background check makes you and your rental property a more suitable target for those seeking to carry out fraudulent activity. By collecting a few personal details, many landlords have rooted out a fraudulent activity and stopped it before it starts. It not only saves you money, but time and stress as well.
Safety for Everyone
There is information found on a tenant background check that helps keep you and those around your rental property safe. Tenant background checks should include scans of hundreds of databases, including local and national sex offender registries and violent crime offenders. When people prone to these behaviors move into your rental space, it possibly puts others in danger. Potentially, it could even limit the ability of you to rent your property in the future. This point segues into the next reason for requiring a tenant background check, which is liability.
It is possible that you could be held partially responsible for crimes perpetrated by your tenant if you do not require a background check. The law varies everywhere, but it is not unheard of for careless landlords to be held accountable for not knowing enough about their tenants. A tenant background check makes it easier to discern the people desiring to live in your rental space.
It’s a Helpful Deterrent
Many times, all it takes is something small to deter a criminal. Requiring a tenant background check can be enough to encourage someone interested in fraudulent behavior to move on to another target. It is not a guarantee, but it does make the process more challenging for those with impure motives. Since a tenant background check requires name, social security number, address, and date of birth, a prospective tenant would have to have a clean record, or a list of alias’ to get past it. This is unlikely.
Being a landlord is challenging, but requiring a tenant background check is one step in the process that helps weed out tenants that may want to throw shade your way. A simple form and a few pieces of information are all you need to get started. Vertical Rent provides you with a free tenant background check, just visit click the link to sign up for an account and we’ll handle the rest.