Related Articles
- Finding Apartments for Rent with Pets.
- Apt Rental: Rental Agreements a necessary Part.
- Bank Foreclosures: An Investment Opportunity.
- Moving Truck Rentals: How to find a Reliable Moving Truck?
- Boulder CO Off-Campus Housing Opportunities for Students at University of Colorado at Boulder.
- Longmont Colorado Real-Estate: A Great Place to Live!
- Loveland Colorado Real-Estate: The Endless Opportunities of Loveland Colorado.
- Fort Collins Real-Estate and Why Northern Colorado should be the Number One Choice for You.
- University of Northern Colorado: Make UNC your School!
- Home For Sale or Apartment for Rent: What's the better option for you?
- Greeley Colorado: A Challenging Rent Market.
- Northern Colorado:Better Times Ahead for the Rental Market
- Tenant Screening:Screening your next Rental Candidate
Finding Apartments for Rent with Pets.
By Kathleen Steadwater
Let's face it, finding an apartment for rent with pets can be difficult. And finding a decent pet-friendly rental can prove to be even more challenging. That's why many pet owners have chosen to give up their pets to animal shelters rather than give up a roof over their heads or pay large fees to keep their pets.
Not all pet owners make this choice: One such person is Pete, the founder of an online pet-friendly rental resource for renters and landlords. Pete claims on his site to have opted to live with friends or in his van, and even in a tent, rather than give up his dog Sam to "pets not allowed" policies.
Pete also says that as a volunteer at an animal shelter he learned that the number one reason for people leaving their pets at the shelter was because their landlord wouldn't allow pets.
This is a startling fact for pet owners who wouldn't think twice about choosing unusual living conditions to keep their pets. The good news for devoted pet owners is that looking for an apartment for rent doesn't mean finding a separate home for their pets. A variety of online resources and websites are available to help pet owners find pet-friendly rentals in their area that fit their specific needs from apartments, townhouses, condos, duplexes, lofts and houses — and even rentals with roommates — in every price range.
Even better is that these pet-friendly rental websites do much of the legwork by providing information about the available rentals, including amenities, pet weight restrictions, pet fees (if any), as well as location and contact information. It's been said that pet owners seeking pet-friendly rentals have been able to dramatically reduced the amount of time it takes to find a house or apartment for rent by using such websites.
Many websites offer their services for free, however some do charge a service fee. For pet owners, it's worth a small fee to find the perfect pet-friendly rental to avoid breaking the tie with their pets. The result is a win-win situation for everyone and one less cat or dog found stranded at an animal shelter.
Kathleen Steadwater is a devoted pet-owner who has been in a situation like many other pet owners looking for a pet-friendly rental. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Apt Rental: Rental Agreements a necessary part
By Kathleen Steadwater
When it comes to finding an apartment for rent, or trying to rent out a property you own, a rental agreement is an important aspect of the apt rental process and the landlord tenant relationship. It's rarely a good idea to rent an apartment from a landlord, or to rent an apartment to a tenant, without some sort of written rental agreement.
A rental agreement typically includes the length of time the renter may use the property and what condition the property must be in at the end of the agreement. The rental agreement also includes the amount of money being paid to the landlord and on what date such payment is due. Additionally, many landlords may want to include responsibilities of the tenant, such as whether the tenant is expected to mow the lawn or pay their own utilities. In addition, the agreement will sometimes specify that no one else is allowed to live in the apartment or it may even prohibit such things as smoking or pets.
There are essentially two types of rental agreements that are common with apartments for rent and the main purpose of both is to specify the terms, in writing, under which the apartment is being rented between the landlord and tenant.
A long-term rental agreement is called a lease, and creates a contract between the landlord and tenant that spans a length of time, such as three months, six months, one year or longer. Signing a long-term lease can benefit both the landlord and the person who is renting. While the landlord has peace of mind knowing that their property will be occupied for a specified length of time, the renter also knows that the have locked in a price for the length of the lease.
A short-term rental agreement is essentially an agreement to rent for a shorter amount of time, such as 30 days. This is typically what a month-to-month lease is. A short-term lease is great for renters who will only need to stay in the property for a few months and don't want to commit to the location for a year or more. This is perfect for those who just want to take things one month at a time. However, since the agreement is usually for only 30 days, there's no guarantee that the price won't go up next month.
The type of rental agreement offered with an apartment for rent depends on whether or not the landlord prefers a short-term or long-term commitment from a tenant. Keep looking until you not only find the right property for your needs, but also the right rental agreement.
Kathleen Steadwater has written for various online publications covering such areas as apt rentals, homes for sale and other real estate related topics. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Bank Foreclosures: An Investment Opportunity.
By Meredith Stone
Bank foreclosures are becoming more and more common. In fact, September 2006 saw more than 112,000 homes in the United States go into foreclosure, which is a 63-percent leap from September 2005 according to RealtyTrac.
A bank foreclosure is essentially a legal action where a bank, or other secured creditor, sells or repossesses property due to the homeowner’s failure to make the payments. There are many reasons why homeowners are unable to pay their mortgages, such as increased interest rates, unexpected happenings, or loss of employment. But one person's loss can quickly become another person's gain. In fact, many people are realizing the financial opportunities of foreclosure homes and are turning them into lucrative investments.
Once a house becomes a foreclosure it's listed at a price, which is typically the balance due on the loan. While that leaves little room for negotiation, the prices are usually below market value, which makes foreclosure homes ideal for investors. Many times, banks just want the balance of what's owed on the foreclosure home so, even though the price may not be negotiable, other factors like the closing date may be.
There's much investment potential in bank foreclosures if you're is willing to keep an eye on the market or stay close to a realtor, lender or other real estate professional. Often you can find bank foreclosures featured at auction where the sale is given to the highest bidder. Once the foreclosure home has been purchased, it's typical that repairs and maintenance are made so that the property can then be put back on the market for higher than the purchase price.
Meredith Stone has an extensive research background involving bank foreclosures and real estate. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Moving Truck Rentals: How to find a Reliable Moving Truck?
By Meredith Stone
Let's face it, moving can be a hassle. There are so many aspects that go into moving that the whole process can truly be exhausting. But finding a moving truck rental doesn't have to be, because there are dozens of companies that offer moving truck rentals. One question that might come to your mind is, "Which moving truck rental company is best for me?"
There are a few things people can do to pick the right moving truck rental. You'll want to invest some time in researching available moving truck rentals in the area where you currently live. Ask friends and neighbors which moving company they recommend, and look in your local phone listings and online to find others so you can shop for the best deal.
You'll want to find a moving truck rental company that is reliable and trustworthy, so getting information from their website, calling their office and searching for the company on the Better Business Bureau website is a great way to get to know each moving truck company's history and credibility.
The right moving truck rental company for you depends on your needs. Not every company will allow you to travel out of state with their moving truck. But, the popular rental companies have “moving truck pick-ups” in every state so you don’t have to worry about your location. Some moving truck rental companies charge a fee for every mile you drive, while others give you a certain number of miles free of charge.
Beware of hidden fees in the contract and know the moving truck company's policies on insurance, accidents, mileage, fuel, etc. before signing the contract.
Furthermore, beware of companies that are unwilling to provide documentation. There's nothing worse than renting a truck and packing it full, only to have it break down on the side of the road. Some companies will provide a replacement vehicle but expect you to load everything from the broken down truck into the replacement truck. In order to avoid renting a poorly-maintained vehicle, request a copy of the repair history. Also ask for references from customers who have recently rented that particular vehicle.
Finding a reliable and trustworthy moving truck rental company might seem hard, but if you do your research on the company, their moving trucks and their policies your move can be trouble free. Taking the time to do the research can prevent you from getting stuck with hidden fees or paying for a broken truck, which is much more of a hassle than the move itself.
Meredith Stone is a freelance writer who has researched moving truck rental as a means to provide others with information that will help in the moving truck rental process. Ms. Stone writes this article on behalf of RentMarkets.com, which is a comprehensive online tool for landlords and renters alike.
Boulder CO Off-Campus Housing Opportunities for Students at University of Colorado at Boulder
By Kathleen Steadwater
Boulder CO is home to the University of Colorado at Boulder and nearly 29,000 students. While freshman are required to live on campus in residence halls, other students can enjoy all of the housing opportunities Boulder CO has to offer, from apartments, condominiums, and houses.
The University of Colorado at Boulder has an off-campus housing office that helps students find housing within Boulder CO. The Off-Campus Student Services' goal is to help students handle conflicts with roommates and landlords, find ways to commute to the University of Colorado and throughout Boulder, as well as meet their budget.
If you're a student at the University of Colorado at Boulder and you'd prefer to find off-campus housing on your own, there are other resources to help you find the perfect rental property. Whether you want to live alone, share a place with friends, or are looking for a home that comes with a built-in roommate, there are many online resources to help you in your search.
There are many advantages to using a website to begin your search for an apartment or house for rent near the University of Colorado. Convenience is probably the top reason why 80% of all people search for housing online today. Instantly, you can view dozens of choices and quickly weed through and eliminate the bad ones. Newspapers, on the other hand, generally don't provide pictures and are limited in their descriptions so finding the perfect place to live based on a 15-word classified ad can be difficult. You can waste additional time driving across town to see the rentals listed in the paper only to determine the moment you pull up that it's no place you'd ever step foot in. That's why seeing the properties online before you ever get in your car can save you time and frustration.
Kathleen Steadwater lives in Northern Colorado and has spent a great amount of time in the Boulder CO area. She writes this article on behalf of RentMarkets.com, an online resource that pairs up landlords with renters, and renters with a place to call home. So, the next time you're looking for an apartment, condominium or house to rent, or need to list a rental property in Boulder, look up RentMarkets.com…renting made easy!
Longmont Colorado Real-Estate: A Great Place to Live!
By Meredith Stone
Northern Colorado has long been known for cities like Boulder and Fort Collins, which have often appeared on Best Places to Live lists. However there's one city, the hidden jewel – Longmont CO – that offers many of the same benefits of these other cities.
Longmont CO is named after Major Stephen H. Long, who was an explorer that led the expedition into The St. Vrain River Valley in the year 1820. Now, a little less than 200 years later, Longmont CO is a beautiful, busy and exciting city in which to live and work. Plus, Longmont CO real estate is booming with the city being so close to the Rocky Mountains and Denver.
Real estate in Longmont is a great investment for people who enjoy outdoor activities as well as city life. Here, people who want to live in a clean and affordable location can enjoy the benefits of Northern Colorado while being only 30 minutes from both Denver and Boulder.
It's increasingly difficult to find housing in Boulder so many who work in Boulder are choosing Longmont CO real estate as an alternative to buying an over-priced home in Boulder. There are so many outdoor activities and other forms of entertainment that people of any age can find something that interests them in their free time. Mountains, boutiques, restaurants and nearby big cities make Longmont CO real estate an investment to consider.
Many people’s interests and needs are met by the town of Longmont! If you are an active person and love being outdoors, then Longmont is perfect for you! If you just like quiet time spent at home, then Longmont CO real estate is also a great match.
Meredith Stone has written on a variety of real estate topics. Her experience in the Longmont CO real estate industry stems from years of living in Northern Colorado doing research. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Loveland Colorado Real-Estate: The Endless Opportunities of Loveland Colorado.
By Meredith Stone
Loveland CO, known as the gateway to the Rockies, is considered by many to be one of the most beautiful places to live and with a growing population of just over 50,000 residents, more and more people are calling Loveland CO home. Rocky Mountain National Park is only 25 miles away and offers an abundance of things to do outdoors for residents and visitors, not to mention the spectacular views of 14,256-foot Longs Peak just to the west!
The city is perhaps most well known for it's rich appreciation of the arts. It seems that everyone in the city loves the arts and turns out for the annual sculpture festival. Dozens of talented sculptors call Loveland home and have relocated from around the world to enjoy the vibrant culture.
Given that there are so many ways to spend your time with shopping malls, festivals, restaurants, outdoor activities and more, Loveland Colorado is a great place to buy or rent a home. You'll find that homes are very affordable as compared to other local markets. If you're looking for a more traditional, older style part of town with quaint neighborhoods and large trees, then Downtown Loveland is your answer. If, on the other hand, you're searching for a new home, Loveland has a large selection of newly-built homes in every price range.
While Loveland CO real estate is continually growing with new houses, apartment complexes and condominiums to rent or buy, commercial real estate is what's really booming. The commercial market in Loveland has taken off ever since the ground breaking of the retail space at the intersection of Highway 34 and Interstate 25. The new Centerra complex boasts an outlet mall, dozens of retail stores including Target, Sportsman's Warehouse, Petsmart, Old Navy and more. Plus the newly completed Promenade Shops, just across the interstate, include even more restaurants and world-class retail stores.
Loveland is a great place to live and also a great place to build. If you are a builder, a new business owner, or someone who is looking to relocate your company, Loveland CO real estate has plenty of opportunities for you! You'll find that the City of Loveland encourages smart growth and works well with land owners in order to help them develop commercial or residential property.
As you can see, there are plenty of opportunities in all of Loveland. There are so many things to do. Come see for yourself what a wonderful city it is. Who knows, you just might find a desire to rent or invest in Loveland CO real estate.
Meredith Stone is a freelance writer who has written on many Loveland CO real estate topics for multiple online publications. She currently lives in Loveland CO on the booming eastern side. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Fort Collins Real-Estate and Why Northern Colorado should be the Number One Choice for You.
By Kathleen Steadwater
In a recent issue of Money Magazine, Fort Collins CO was rated number one out of the top 100 best places to live in 2006. It's no wonder, with a median home price of $212,000 compared to a national average of $259,566.
Statistics also show that the number of rooms per house in Fort Collins CO is above the state average with the age of houses in Fort Collins being significantly below the state average. One can derive from these figures that for less money, those interested in Fort Collins real estate can get a newer home with more rooms, compared to anywhere else in the Colorado real estate market.
Fort Collins CO real estate aside, there are other great reasons to live in Fort Collins and Northern Colorado in general, such as an air quality index of 90.4%. That's 18.5% higher than the national average! And with a population of 128,000, Fort Collins has a population density that is well below the average for other Colorado cities. That means plenty of room to breathe in all that quality fresh air!
Fort Collins residents and those interested in buying real estate in Fort Collins will also enjoy 306 clear days per year and an abundance of sunshine throughout the seasons. The moderate climate makes Fort Collins a great choice for people who enjoy spending time outdoors all year long, particularly with scenic canyons and mountains that are less than 20 minutes away.
For people who prefer to stay within city limits, Fort Collins boasts a happening nightlife with live music venues, dance clubs, a performing arts theatre, shopping, three movie theatres, bowling allies, outdoor fun centers and much more. Plus, Fort Collins is home to an astounding 652 restaurants, popular chains and a wide selection of home-grown favorites included.
With so many amenities, it's easy to see why Fort Collins is the best place to live. Even if you're not interested in investing in Fort Collins CO real estate, residents invite you to drop by and enjoy the sites and hospitality Fort Collins has to offer.
Kathleen Steadwater has written on a variety of real estate topics. Her experience in the Fort Collins CO real estate industry stems from years of living in Northern Colorado and doing research. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
University of Northern Colorado: Make UNC your School!
By Meredith Stone
There's no place like The University of Northern Colorado. The unique blend of agriculture and contemporary urban life come together just as the mountains meet the plains. The University has a rich history dating back to 1911 when it was first called Colorado State Teacher's College. Although the name was changed in 1970, one thing has remained the same. The University of Northern Colorado remains one of the top-rated schools for those seeking to study under the very best professors of childhood education. But don't think that UNC just offers programs for those wanting to become teachers.
Other areas of study at The University of Northern Colorado include: Behavioral Sciences, Humanities and Social Sciences, Natural and Health Sciences, Performing and Visual Arts, not to mention the noted Monfort College of Business.
The University also has the Rocky Mountain Cancer Rehabilitation Institute, which researches ways to improve the quality of life for cancer patients by prescribing exercise and dietary changes.
For those seeking financial help with college tuition, The University of Northern Colorado also makes high-quality education very affordable for anyone. They offer many scholarships, grants and loans for qualifying students. UNC also has work-study programs for students wanting to earn money to put towards their education.
In addition to top-notch professors, the University of Northern Colorado also boasts the fact that it's located in Greeley, Colorado just over an hour away from the breath-taking views of Rocky Mountain National Park. While in the mountains, enjoy skiing, back packing, white water rafting, mountain biking, fly fishing and more. To the south of UNC you'll find the diverse culture of Denver's many restaurants, festivals, and music venues like world-famous Red Rocks amphitheatre. Plus, less than 40 minutes to the north, you can discover the rich history of the Wild West in Cheyenne Wyoming.
So whether you're looking to find the best in education or the best in location, Greeley's University of Northern Colorado has it all. Ask any of the students and they'll tell you that it's all that they had hoped and more! But you should be warned, there's so much to do in the area, that finding time to actually study may be difficult.
Meredith Stone has done several studies on University of Northern Colorado for online publishers. She writes this article on behalf of RentMarkets.com, and online resource for landlords and renters in Northern Colorado.
Home For Sale or Apartment for Rent: What's the better option for you?
By Kathleen Steadwater
Is it better to buy a home for sale or sign a lease on an apartment for rent? This is a common question many people find themselves asking as they near the end of their lease term. There's no easy answer because it really depends on your own particular situation.
The benefits of choosing an apartment to rent may include having some or all of your utilities combined in the cost of renting each month. Predictable expenses like this let you know exactly what financial obligations you'll have each month, and will allow you to budget more easily for those expenses.
Another great benefit of an apartment for rent is that the landlord is responsible for making and covering the costs of repairs to the apartment. There's peace of mind in knowing that you won't have to pay hundreds or even thousands of dollars to replace the furnace if it stops working.
Of course, there are drawbacks to renting too. For instance, giving your hard-earned money month after month to help someone else pay their mortgage. Or things like not having the freedom to make cosmetic changes to your apartment, such as painting the walls a different color, or getting rid of that dated shag carpet can lead some people to consider buying a home.
After all, financial advisors will tell you that purchasing a home for sale is one of the better investments you can make. Real estate tends to be fairly stable throughout the country and homeowners see a larger return on their investment the longer they own the same home. Plus, there are a variety of tax benefits to owning your home, which may offset some of the costs you accrue throughout the year.
Buying a home for sale means you have a place of your very own, and for many, that's enough of a benefit to buy. However, along with buying a home comes many responsibilities you don't have to face when renting an apartment. Such responsibilities may include yard work, shoveling your own snow in the winter, property taxes, and, of course, maintenance. Plus, you're also responsible for paying all utilities and home ownership fees on your own.
When deciding whether you should rent or buy, it all comes down to what you can afford and what you want most from the home. In most situations it's much cheaper to find an apartment for rent, than it is to invest in a home for sale. However, it's good to think about the long term and whether the possible return on your investment outweighs your current financial situation.
Kathleen Steadwater has written a wide range of articles for online publications including topics on apartments for rent, homes for sale and real estate in general. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Greeley Colorado: A Challenging Rent Market
By Kathleen Steadwater
Greeley’s rental market remains above 7% as of July 2007 due to the overbuilding of multifamily housing during the boom years. The Landlord needs to bring his best game during these times. Tenants are looking for as many amenities and other relevant properties for the fewest dollars needed.
The Ad lengths remain long. Typically the vacancy is filled within 60 days. A few vacancies are filled within a month, but some rentals have been vacant for months especially the outdated and poorly maintained. The 4 issues that affect your vacant downtime are presentation, location, condition and amenities.
The most effective way to advertise your property is over the internet through a website that deals with advertising rental properties. These types of sites use strategies such as pay-per-click advertising, Search Engine Optimization, sponsored advertisements on other websites, as well as, traditional advertising in some communities. These types of sites spend an enormous amount of time and money driving the searching traffic from across the nation and beyond to their website for their clientele (landlords, property manager).
These sites offer plenty of space for a written presentation with no cost associated with the number of lines or letters and most offer space to upload images of your property. Many offer a database page of amenities and other important information from a check-off page that is filtered to your final presentation.
Marketing your rental takes time and a Landlord needs to use as many outlets and tools as he can afford. Fliers in the neighborhood coffee shop, the “For Rent“ yard sign, and place key images of the property within your presentation on such places as Rentmarkets.com, which is a regional focused website for the Northern Colorado region, so the potential tenant can make an informed decision while searching.
The potential tenant is online to reduce his time to making a decision so you should help your audience with as much visual and written information in your presentation to sell the vacancy to that tenant before he calls for a walk through.
Take a larger view not just the property. Think neighborhood! When writing your presentation.
Re-establish the key amenities. Get intimate with your property. There were reasons why you bought or accepted the property to be part of your inventory, use those passions and features in your presentation.
Give your audience a view of the neighborhood and how the property looks within the neighborhood through the written part of the presentation.
- What types of shopping are nearby.
- Schools
- Access to major thorough fares for commuters.
- Points of interests: coffee shop, museum, downtown, pedestrian friendly neighborhood, nearby park, School, trail, recreation opportunities, tree lined street offers the abundance of shade a cool place in the summer, bus stop offers a transportation alternative, neighborhood watch group gives the impression of safety…etc.
These could be some of the reasons why you purchased or manage the property, give that information to your audience.
Kathleen Steadwater has written for various online publications covering such areas as apt rentals, homes for sale and other real estate related topics. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Northern Colorado:Better Times Ahead for the Rental Market
By Kathleen Steadman
The most Southern reaches of Northern Colorado as well as the Denver rent market seems to be tightening. The Longmont Daily Times has recently reported a 3.9% vacancy rate for the city in September 2007. The publication reported a contributor to the tightening market is tied to the number of foreclosures as the past owners migrate back to the rental market.
Therefore, perhaps the rental population may begin traveling north to find not only affordable but plenty of housing to choose from. Also, a contributor to the tight market is job creation. I know many people who commute to Boulder, Longmont, Broomfield, Lafayette and Louisville to work and many have moved to those communities due to the high cost of commuting.
With foreclosures a factor in reducing the vacancy rate then couple that with a 4,000 net new jobs forecast for 2008 as stated by the regional economist Martin Shields and reported by Northern Colorado Business Report the communities of Loveland, Fort Collins and Greeley may soon begin seeing a tighter vacancy rate and the region could begin to see some of the excess housing absorbed. Shields also stated the regional population will grow at an average annual rate of about 2.5% for the next few years.
The Fort Collins rent market seems to be the most active of the 3 communities, at this time, as filling vacancies is a short process. The ad lengths are reduced as there seems to be a large pool of rental candidates searching for rooms in the community. One factor was a lack of housing for CSU students as enrollments were at a record level. A conversation with the owner of a property management company stated they were filling vacancies within 2 weeks inside of Fort Collins proper.
Greeley and Loveland rent markets are filling vacancies, but with an abundant amount of vacant property the market continues to produce value with many properties to choose from. There are many rooms neighboring the university in Greeley that were once filled with students but are now vacant due to the overbuilding with in the community and its nearby neighbors. Loveland has grown considerably at the intersection of I25 and U.S. highway 34 where many different residential opportunities are available and within convenient proximity to the commercial center of the region.
Landlords should look at other alternatives and more effective ways to advertise their property during these trying times. Marketing your rental takes time and you need to get the word out through all types of relevant channels to shorten the time to fill your vacancy such as:
- Be sure to post a “For Rent” sign that can be clearly seen from the street.
- Make eye catching flyers for the local Coffee Shop include some pictures of your property.
- Use an internet service like Rentmarkets.com to list your property and be sure to take advantage of all their services. This will list your property to the entire nation.
(Did you know that more than 80% of apartment renters have access to the internet and they use it regularly for shopping)?
Kathleen Steadman has written for various online publications covering such areas as apt rentals, homes for sale and other real estate related topics. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
Tenant Screening: Screening Your Next Rental Candidates
By Kathleen Steadman
There are tenants who damage your property, never clean, continue to disturb the neighborhood, and always late to pay the rent and still 4 out of 10 landlords don't perform even basic credit checks on their rental candidates.
The minimum screening you as a landlord should do is a Credit Check. This tells you a lot about the candidate who wants to rent from you. The Credit Check will inform you how your candidate manages his money. You can see:
- Credit card Balances
- Number of Credit cards
- Credit Cards Paid
- Loans outstanding
- Loans Paid
- Collection Items
- Credit Score
These items are important pieces that together will create a profile of your rental candidate and then you choose the best profile from your candidates to achieve stable, reliable cash flow without the headaches that have plagued other landlords in the past.
Other checks you can perform are:
- criminal background check
- eviction history report
- sex offender registry check
Checking with the rental candidate’s employer is another big step to verify their application information. Ask the employer to verify the information provided on the rental application: occupation, length of employment and, maybe you can verify the salary, stated on the rental application. Most employment checks get a verification of employment and that’s all, but sometimes you may get information with the way it’s answered and sometimes you can get more from someone who is willing to share information on the candidate if the right questions are asked. Such as, “Are they a key employee” or “Does their performance warrant future employment with your company?” or “Are they an outstanding employee?”
If the rental candidate is self-employed, you should check the income as cash flow can vary month to month, you may ask for copies of income tax forms for the past 2 years, as well as bank statements for the most recent 6 month period. Then compare the applicant's income to the annual needs to pay your rent.
If the rental candidate is unemployed, do not write them off yet. First check the candidate’s bank account. If the rental candidate has enough money in the bank to last six months while looking for employment, you might still consider that rental candidate.
To help you feel more at ease, you can request the first 2 months' rent in advance. However, if the rental candidate does not have the funds of support for more than 3 months, or the rental candidate lied about their employment on the rental application, continue to look at other rental candidates.
If a rental candidate lists other sources of income on the application such as alimony payments, Social Security or sales commissions, ask for records to back up the information. Either way, you should do a thorough screening that includes not only verifying employment, but also performing a credit check, talking with previous landlords and reviewing criminal, sex offender and terrorist records.
A complete and thorough rental candidate screening can save you many headaches in the long run.
It is difficult to verify a rental candidate’s financial information through the bank, as the banks have strict confidentiality laws and rules that often prevent them from giving out any information.
There are services offered by companies that do these checks for you. Many, if not all, can complete the checks requested using your computer via the internet almost immediately. These companies build a profile of the rental candidate through a report generated by the name, social security number and the permission of the candidate to execute the checks through their signature.
Your application should include a line for personal references. Then call each reference. By calling each reference of the rental candidate you may uncover other items of interest when making a decision.
Another reason to call is to ensure the rental candidate supplied you with real names and phone numbers of their references. So if you can’t reach a reference because there is no answer or the phone is disconnected, then something is not right.
However, talking with good references will give you peace of mind. These people then provide you with contacts if your renter fails to pay rent, or skips out on the lease or gets into other trouble.
For more information or a specific service provider contact Rentmarkets.com where we provide candidates to the landlord for less.
Kathleen Steadman has written for various online publications covering such areas as apt rentals, homes for sale and other real estate related topics. She writes this article on behalf of RentMarkets.com, an online resource for rentals that helps both landlords and renters expedite the rental process in Northern Colorado.
