How Tenants Should Reference Their Prospective Landlord
A landlord’s success depends on rigorously assessing all possible renters. Their income comes from the rent that they collect, so they only want tenants who can pay the rent. It is acceptable and expected to be referenced when you look for a property.
Tenants may be just as particular when checking references for landlords. The rental agreement is after all a 2-way agreement, so why should the referencing process not be 2-way as well?
Landlords generally request referrals from renters to guarantee that they can afford the property and would appropriately manage it. Renters, on the other hand, do a reference check on their potential landlord. Simply put, if you are a renter, with a little bit of work, you can drastically lower your odds of being trapped with a bad landlord. There are bad landlords out there who harass their tenants, who have spy cameras in the property, and who evict previous tenants. Before entering into an agreement, it is always best to review both sides.
In the interest of clarity, let us outline how renters should screen potential landlords in this article.
1. Check public records – A simple research of public records can yield a wealth of information regarding your possible new landlord as well as the property directly. Seek warning signs such as bankruptcy, general mortgages on all assets, criminal backgrounds, and any litigation while assessing a landlord.
2. Look for foreclosure – There is a good chance that your ideal apartment is in the process of going into foreclosure, according to the Wall Street Journal as cited in Forbes. In other words, a landlord may attempt to rent an apartment that he or she really does not own. You risk losing your money, and even worse, your dwelling.
3. Interview your potential neighbors – As a last resort, it’s always a good idea to ask your neighbors about their experiences with their landlords. They have first-hand knowledge and are likely to be more than eager to share their insights with you prior to signing a contract with your prospective landlord.
4. Ask for documents too – You should be concerned if your landlord does not have all of the needed legal documentation in order, since this shows that they do not care about you or their legal responsibilities.
5. Get Proofs of Identity and Ownership – Similar to number four, many of the most typical landlord scams that renters fall prey to involve unlicensed persons renting out homes. Thus, as a renter, you should validate that the person you are making a deal with is legit.
6. Check the newspapers and social media in the area, If the landlord is bad, they will have made the news somewhere. You could also get in contact with previous tenants. If the landlord has multiple properties, they will also have multiple tenants, so it is easy to track some down and get a quick character reference and details of their rental experience.
