Verify Tenant BLOG

5 Questions To Ask When Hiring a Realtor

1/16/2019

Are you ready and excited to buy a new house? Well, before you move forward, it is imperative that you know the different questions you need to ask a realtor. The idea is to determine if this person is able to help you achieve your home-buying dream.
Mind you, not all realtors have the same qualities. They have their own pros and cons, each of which can vary greatly. So, before you hire a realtor, make sure you ask the right questions first in order to assess if he/she is the right one for you – and this is exactly what you will learn from this article.

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Best tips to reduce vacancy in your property

1/14/2019

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If you own a property and you are renting it out, it’s important to make the most out of your property. You wouldn’t want your property to be vacant as much as possible. The competition is tough with a lot of landlords out there and a lot of other properties that probably have a better location, are much bigger, or are cheaper compared to your own property. Don’t fret. Here are ways to ensure that your property is rented out most of the time:

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All you need to know about Fair Isaac’s UltraFICO Score

12/25/2018

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Credit scores… that three-digit number so crucial, that it is capable of marking the difference between saving you or costing you thousands of dollars.

As important as credit scores are, they are also awfully confusing.

Creditworthiness is calculated using different methods, the most common of which is called FICO. Developed by Fair Isaac in the 1980’s, a FICO score has become the most common way for banks and lenders to determine your ability to pay back a loan.

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Should you hire a property manager?

12/23/2018

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3 Benefits Of Hiring A Property Manager

Are you looking to rent out one of your properties? Whether you are new to this whole ‘being a landlord’ thing or you’ve done it for years, hiring a professional property manager may save you big in time, energy, and money.

If you are like most landlords, you probably have a job aside from being a landlord. Do you really want another one? Property managers dedicate their days to taking care of all the little details that go into managing a property and dealing with tenants, and they do it professionally. Why not take advantage of their expertise?

There are many benefits to hiring a property manager. Here we are rounding up our top 3 reasons why you should hire a property manager.

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Happy holidays from Verifytenant

12/17/2018

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16 steps landlords should follow before taking in a new tenant

5/24/2018

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Being a landlord is serious business. You’ve purchased what is likely to be one of your most valuable assets, so treating it like a business, rather than a hobby, will help you yield greater returns.
As in any business, establishing procedures to manage your rental property can be extremely useful. It can help you make sure you don’t miss any steps or documents in the process of admitting a new tenant into your property, therefore avoiding potential liability.

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5 things you should always do before renting your property

5/15/2018

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Becoming a landlord can be a lucrative business or a mad nightmare, depending on whether you treat your property investment as a business and make smart choices or treat it as a hobby. A big part of having real estate investments that are profitable, is ensuring you have quality tenants.

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How to improve your credit score in 5 easy steps

4/12/2018

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Oh, the credit score. That almost mystical three-digit number that determines our financial faith. Whenever you want to obtain a loan, whether it is a credit card, a car loan, or a mortgage, the lender will check your credit report to determine how likely you are to pay them back in full and on time. Not only will your credit history determine whether you will get the loan, but it will also help dictate the terms of the loan, such as the amount of money you will get and at what interest rate.

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How can you avoid tenants who lie?

11/17/2017

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Every real estate investor knows that a rental property that sits vacant is a bad investment. But do you know what is an even worse investment? A property rented to a bad tenant. A tenant who skips rent or trashes your property can cost you plenty, so making sure you vet prospective tenants carefully, is key to maintaining a healthy portfolio along with your sanity.

Asking prospective tenants to fill out a rental application, checking their background and credit check, and calling past landlords, places of employment and other references, is a great start. But what about tenants who lie or omit the truth in their applications?

Some tenants may look great on paper, however, they may have lied or stretched the truth to appear to be a more appealing candidate. Some of the things potential tenants tend to like about, and that you should take a closer look into are:

Their residential history. Is your tenant employed, apparently stable, but lists their aunt or cousin as their last landlord? Dig deeper. Ask for prior history going back 10 years and ask additional questions to find out what the real story is. There may be a prior eviction, arrest, criminal conviction or other red flag that the applicant is trying to minimize.
Their income or employment status. People tend to inflate their earnings to seem more qualified, especially when they are moving up to a better property that they can comfortably afford. Make sure you verify their employment history through their supervisor or HR department and ask for pay stubs.
The number of residents. People may omit certain potential residents from their application either because those resident may not qualify to rent, or because they plan to move in more than the legally allowed number of residents. It is difficult to catch this one, but if you see the same group of people together throughout the rental process, chances are they all have an interest in the property. When you show the property, watch everyone present and their reactions. Someone who will be living in the property will show higher interest.
Their credit scores/history. Tenants who are reluctant about you running their credit are typically one of two types: those who have had their identities stolen or otherwise their credit histories affected by fraud, therefore are extremely protective, or those who are hiding a low credit score. If a prospect offers to give you their recently run credit report, make sure you check the date in which it was accessed.

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Renting is starting to become more attractive than owning

12/16/2016

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America is a nation of home buyers. Owning a home is the original American dream, but when the growth in home prices outpaces the growth of rental prices and people find themselves paying more than necessary just to be able to live somewhere, the alarms start going off for signs of a bubble.

Four years ago, home prices fell sharply in major US cities, rental prices increased and the market shifted in favor of buyers. Now, rent growth is flattening out and according to the National Index tracked by FAU and FIU faculty, home-price appreciation has outpaced rent growth in 23 metroploitan areas, signs of a market that is trending back in favor of renters.

Although no evidence of a bubble exists, for the first time in a few years, renting is beginning to look like a much better alternative than buying.

If you are a landlord, get ready for an influx of tenants looking to move into your properties. Being well informed and equipped with facts from credit reports, background checks, eviciton records and other tenant screening reports is key to a succesful investment.

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<<Previous

5 Questions To Ask When Hiring a Realtor

Best tips to reduce vacancy in your property

All you need to know about Fair Isaac’s UltraFICO Score

Should you hire a property manager?

Happy holidays from Verifytenant

16 steps landlords should follow before taking in a new tenant

5 things you should always do before renting your property

How to improve your credit score in 5 easy steps

How can you avoid tenants who lie?

Renting is starting to become more attractive than owning

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