Posted by Cory List on 25th Feb 2014

​Vetting Self-Employed Tenants

Vetting Self-Employed Tenants

If you own a property, you are given full power to use it as you please, as long as you operate within the rulings of law. If you own several residential and/or commercial units, you can find tenants so that you can make money out of it.

Accepting tenants brings good income, but there is always the risk of taking in fraudulent or delinquent tenants that will pose more of a problem than anything. To avoid such things you have to be very protective of yourself. There is not much but you can do something about it.

  • Trust your instincts. It is very seldom that your instincts will fail you and if your instincts are warning you against trusting an applying tenant, it may be smart of you to pay attention to it. You can completely turn your back against it or make an effort to investigate further. Most of the time, your instincts are right so do not be too quick to dismiss it.
  • Look for references. Any kind of reference, as long as it is able to vouch for the identity and credibility of the tenant should be good enough. If they did not have previous tenants, it is not the only basis. You can ask for references from various business sectors or industries. What is important is that you get someone to confirm the identity of the person you are trying to do business with.
  • Verify the identity of the individual. It is very easy to verify the identity of a given person. You can go online and find any information about the person or the company you are trying to deal with. You can make some calls and ask someone and make investigations, or you can simply as for identifying documents, certificates and licenses.

Taking a tenant can be good or bad, you just have to hope for the best. As with most things, there are risks to be taken, so you need to be more protective of yourself. Carryout any measure that will help your cause, practice due diligence at all times.