
There is an ongoing debate about the efficacy of renting to friends or even renting property to individuals who are known personally by the landlord or property owner. In some cases, the tenant’s basic character will already be known; but what about their legal and credit history? Ultimately, how a close family member is handled as a potential tenant will differ from a friend or acquaintance.
Renting to Family Members
There’s no doubt that renting to a family member will remove many of the variables from the situation, especially if it is a close family member. In these cases, their entire life history will be known, or it can be gleaned from other relatives.
The downside of this type of rental agreement is that they may be tempted to take advantage of the situation through paying the rent late or breaking the property rules set forth by the landlord. One way to avert this is to have them sign a lease just like any other renter. It should also be made crystal-clear from the outset that they will not be receiving any special treatment.
In fact, renting the property to a family member for a cost that is below current market rental rates could have expensive tax implications for the property owner. When in doubt, an accountant should be consulted.
Renting to Friends As Tenants?
Renting to friends involves more unknowns. Unless the person has been an ongoing friend since early childhood, there will probably be gaps in terms of what the landlord knows about their past. Friends may also be tempted to push boundaries when it comes to rental payment and treating the landlord’s rules and property with respect.
If a landlord is currently renting to friends, it is crucial to keep the arrangements businesslike. It’s also advisable to use a professional tenant screening service to ensure there isn’t anything troublesome in their past, such as credit problems or a criminal history. If they are taken on as a renter, they should also be required to sign the same lease as every other tenant.
Renting to Acquaintances
Renting to acquaintances involves even more unknowns than renting to friends. Considering acquaintances or “friends of friends” as tenants involves the most variables, but it will be easier to keep these relationships businesslike. These applicants should be professionally screened just as a stranger unknown to the landlord should be, as there will be much that is not known about them.
Whenever there are doubts or gaps in knowledge about a person’s history, tenant screening can help bring clarity about how to proceed. Applicants should be informed and give their consent to these criminal record searches and credit checks even when renting to friends; however, once performed, some of the guesswork will be removed from the rental screening process. Landlords can then make sound business decisions that result in more success and better landlord-tenant relations.
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The tenant background search process is essentially the last line of defense for landlords to help make sure that they fill vacancies with individuals who are most likely to be good tenants. The tenant background search process is designed to give landlords an idea of not only the past rental history of the person in question, but also a general idea of the type of tenant they will be. Eviction records are an extremely helpful resource. If you want to make sure that you’re getting the most valuable information during the process, you’ll want to take into account a few other considerations, such as a prospective tenant’s criminal history, credit score, and debt.
Clients will find that the following Guam tenant records services are now available:
The following Puerto Rico tenant records services are now available:
The following Virgin Islands tenant records services are now available:
In addition, we will roll out the redesign of the EvictionRecords.com website in early December. Our new website is created with the customer in mind and includes an expanded section with landlord resources. We wanted it to be both visually attractive and easy to use. The bottom line is, we want you to be able to get the vital tenant history records information that you need in the easiest and most convenient way possible. The new design of our website makes it easier than ever before to gain access to our online criminal history records.
EvictionRecords.com has made sure to have a relevant presence on several important networks, including Facebook, Twitter, YouTube, StumbleUpon, Tumblr, Flickr, SlideShare and Google+. We know that our customers are busier than ever, and don’t necessarily want to go to our traditional web page to get the information they need about our company. When an item shows up on their Facebook News Feed and they are able to connect with us on our timeline, they instantly realize how easy and convenient our tenant screening services truly are for their global, connected and on-the-go lifestyle.