So, you’ve moved into a new home and your old one won’t sell, or the market isn’t where you’d like it to be–what do you do next? The easiest and most profitable thing for you to do is sublease the property. Is it easy? I’ll use this common saying to give you my thoughts, “Nothing in life worth doing is easy.” You’ll definitely spend time getting your property in order for leasing; be prepared for that.
Once you’ve decided that you’re subleasing your home and have a potential lessee, be sure to find a significant amount about your possible renter. Not only should you use a search engine to easily find out what you can, but you should definitely order a background check on your possible tenant. It can save you time and most importantly money in the long-run!
What do you get with a background check? You’ll find out the criminal history (if any) of your potential tenant, property records, lawsuits, liens, and more depending on the company you go through. But, what you should really be zeroing in on is the fact that you can find out property records; did he or she run out on an apartment rental? Maybe they have a lawsuit pending that you should worry about. You’ll be given the opportunity to find out this information and make a judgement call immediately.
Tenant screening through a background check company isn’t hard. Commission a company that is respectable and Better Business Bureau certified, so you know that their check that comes back is legit. Being a homeowner is tough, but adding the landlord aspect makes it even harder. So make your job as easy as possible and run a background check and even a credit report on your potential tenants.
Aside from a background check being the most important step you take in subletting, the next important has to be having your tenant pay the first AND last months’ rent. This will cover you just in case your tenant is “out of character” and runs on the lease, trashes your property, or does something of the sort. A security deposit is also a good idea, so the tenant has something to “look forward to” as well.
There you have it, always get a background check through a reliable company and make sure you get the first and last months’ rent. Other than that, just do everything you can to be a good landlord and I’m sure it’ll be reciprocated.