Every year we receive hundreds of application forms from tenants. Most of them are of superior quality with excellent credit, great employment and high income. A very important thing to examine before you rent out your property to someone is their employment letter.
Generally, the employment letter should tell you when the person started working, what their position is in the company, how much income they are generating and a contact person within the organization that can answer any questions that you have.
Here are some other things to look for when going through a tenants application form:
– Logo: There should almost always be a company logo on the letter hear. This should always match the logo on the company’s website – so jump on the web and check.
– Address and contact information: Most companies state their address and contact information on their letter heads. Call the company and google their location to ensure they’re legitimate.
– Signature: If an employment letter is provided and it is not signed, ask the tenant for a signed copy. If they refuse, ask them for their latest pay stubs to cover at least a 60-90 day period.
– Personal Attributes: Most employers will leave out personal comments about the tenants character and personality. They will usually stick to the basics including name, date they were hired, position, salary and whether they are still employed. If you see an employment letter with a prospective tenants boss boasting about what a good person so and so is, it’s likely made up.
– Phone number: Always call the company and go as far as searching for the phone number on Google. You want to make sure that the phone number provided is in fact for the company that they are claiming to work for. We have seen situations where people have provided cell phone numbers of friends who are helping them secure a space. Be diligent and go above and beyond what you think is required.
By spending a considerable amount of time screening tenants, you will save a lot of time, money and headaches later on. Click here to learn more about screening tenants.