Kew Gardens, NY
In the wake of the rise of social media community groups, I noticed an increase in the number of property owners offering their homes for rent by owner. While this may be a great way to spread the word of a particular availability, I urge owners to use caution during the process. Here are some tips to help you rent your property safely and with minimal risk of acquiring a non-performing tenant.
When showing the property:
- Request that any prospective tenant provide you with as much information BEFORE you show the property. Ask for such information as full name, email address, phone numbers, and current address.
- Schedule showing appointments during business hours, or if on the weekend, during daylight hours.
- Require visitors to present identification. Make sure it matches the information that was given prior to arrival.
- Never show the property alone! Always make sure you have someone there to watch your back.
When taking an application:
- Perform a full credit check and pay special attention to all of the accounts, not just the score
- Request proof of income in the form of tax filings, pay stubs, and employment letters.
- Check to make sure that the applicant’s debt to income ratio is within generally acceptable parameters.
- Request contact info of present landlord for reference.
- Check housing / HPD records.
When preparing a lease or sublease
- Consider using a professional to draft or review the lease.
These are just a few of the items that every landlord should carefully consider. For more information or for a free, no obligation consultation, please feel free to contact me to schedule an appointment.
Broker & Owner, Gotham West Realty