Here’s something we always get asked at in SPEEDHOME: How do you filter tenants to ensure quality queries?
The answer is simple: Strict filtering routines!
Screening tenants can be quite a challenge, and let’s be honest, it can feel like a real hassle, especially for busy landlords who relied on agents to handle it all. But here’s the thing: taking the time to screen tenants is absolutely worth it. It gives you the control and understanding you need to find the right fit for your rental property and protect your investment.
Sure, it might seem like a lot of work, but think about the benefits. When screening tenants, we dig deeper and really evaluate their background, credit history, employment situation, and rental references. It’s your chance to make informed decisions and choose tenants who are more likely to pay rent on time, take care of your property, and be good neighbours.
So don’t let the process intimidate you – roll up your sleeves, take the reins, and find the perfect tenants for your property.
Three Layer Precaution
There are three layers to filter tenants. From the most basic prerequisites to more personal information. SPEEDHOME offers all three as standard procedure, free of charge! Want to know what we do? Read on below.
Here are sample questions we usually ask before setting up any appointment for you.
Layer 1: Understanding the Tenant
Layer 1 is the most basic of filters. It gives you a simple idea of your potential tenant and also helps them to open up to you by building a friendly landlord rapport.
Questions you can ask:
1. Where are you from?
2. Who will be staying with you?
3. Where do you work/study?
Most people are comfortable at stopping here but going to the next layer adds further sense of security.
Layer 2: Employment or Study Verification
1. Asking for employment or a student proof.
2. For foreigners, ask for passport and valid visa to stay in the country.
3. Calling respective company/academic institution for verification.
While it may be an overreach for some, do understand that you are in a way gambling the legal and physical safety of your property by letting a stranger into it.
Which makes us wonder why the third layer is something that is almost non-existent in Malaysia’s rental industry (but we do it here at SPEEDHOME).
Layer 3: Financial Repayment Record
There are multiple credit reporting agencies (CRA) out there that can provide credit report information (CCRIS):
- Credit Bureau Malaysia
Banks filter prospective loan and credit card applicants by accessing the CCRIS data, managed by Bank Negara Malaysia (BNM). It contains all financial repayment records like lawsuits, motorcycle loan, & outstanding electricity bills, among others.
Using the same security method as banks, this is by far the most precise way in qualifying a tenant. If a tenant has bad records, it simply means you should avoid them at all cost. Save yourself the trouble of bad tenants and late rentals.
Bad Tenant Day? No Way!
Having tenants who behave poorly and damage the house can be extremely upsetting and costly for you. It’s devastating to see your property being mistreated, and it requires spending more money to fix the damages caused. Dealing with these situations takes a toll on your finances and consumes a lot of your time and energy, which could have been better used for managing and improving your rental business.
No time to credit check your tenant? Let us do it for you!
Give us a call at 0187777650. You can also email us at [email protected] and we’ll get back to you about how we can arrange the best rental experience right here at SPEEDHOME.