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Renting out a property entails extremely huge responsibilities and involves many risks, including cash flow risk. Thus, it becomes important for the owner to conduct a background check on prospective tenants for the obvious reason that good tenants ensure peace of mind while errant renters give sleepless nights.
Landlords conduct tenant screenings basically to evaluate whether a tenant will be able to fulfill the criteria mentioned in the rental agreement and eventually be approved to rent the property.
The process often begins with personally communicating with the tenant. It might start with a telephone conversation which can later turn into a meeting. During the meeting, landlords must try to understand what kind of person the prospective tenant is and ask relevant questions regarding his whereabouts – his current home and work addresses, source of income, the size of his household including pets, and even personal references.
Once the landlord feels comfortable, the person can be asked to fill out an application form covering all the above points and some other additional information. In the UAE, an Emirates ID is a must to validate a tenant's name, date of birth and nationality, among others, before finalizing a deal.
However, landlords always have the option of hiring a property management company which can take the hassles related to renting out a property off the landlords' hands.
Property management firms generally handle all the aspects of renting out a property, including posting ads in newspapers and online, executing rental agreements, handling maintenance issues, and dealing with the oftentimes tricky process of vetting tenants to fit the building or the landlord's regulatory requirements, and tenancy terms and conditions.
Vetting tenants generally includes but is not limited to collecting the required documents and checking a tenant's work background, family status, references and credit standing.
• List tenant's current/previous addresses and current/previous employers
• Always get details of the new tenant's whereabouts, past address history
• Hire a property management firm to handle all aspects of property rental
Get to know the advantages of conducting an open house
Source: Shabnam Mondal, Special to Properties
The writer is a freelancer