Half of Orlando residents use rent payments as 26% of their income. This means that keeping their property occupied is extremely important to their cost of living.
To ensure your property keeps a steady flow of income, you have to find reliable tenants that will pay rent on time and hopefully renew their lease.
Luckily, there are ways to perform rent verification to find the perfect tenant for you and your property.
What Is Rent Verification?
Rent verification is when a property manager uses a potential tenant's rental history to determine if they are right for a property rental. This is a great way to measure their creditability and determine if the tenant will be able to pay the rent on time.
How to Verify Your Tenants?
The typical eviction fee in Orlando is a minimum of $185 but could go even higher depending on the case and the number of tenants involved. To avoid the cost and hassle of eviction, you should verify your tenants beforehand. There are several ways to know the history of potential renters as well as their character.
Use a Rental Application
Rental applications are the first step in collecting information about your prospects. You will get to see how many places the person lived before and for how long, as well as their employment status.
Ask for Proof of income
If you like the information on the application, then you need to verify that it is true. Asking for proof of income will determine whether they are being genuine about their employment.
This is a necessary step to see if their income will cover the cost of your property's rent without putting a burden on the tenant.
Conduct Background Screenings
Once employment and income are verified, you can take verification a step further by having a property management tenant screening. Rental background checks include detailed information about their rental history and a list of previous employers as well as their credit scores.
Call Their References
Another way to verify the tenants' rental past is to contact their references. On the application, you should ask for the names and phone numbers of pervious landlords. You can also have a section for personal references.
Have an In-Person Meeting
If the tenant looks good on paper from a background check, then you should meet them in person. Speaking to the tenants allows you to ask additional questions face-to-face. You can learn about their personality and go over some of the rules and policies of renting your property.
Now is the chance to also go over the lease if they agree to the terms and conditions and discuss the deposit.
Rent Verification Made Easy
If this is your first time doing rent verification or you simply don't have time to do one, then you are in luck. At PMI Prime Home, we not only market your property to the right renters, but we also verify them as well.
Get started finding your perfect tenant by contacting us to begin the screening process.