A real estate investor’s life may turn out to be the most financially alluring but there are high chances of it being full of twists and turns especially if you have decided to be a landlord. And you might have to employ various tools like skip tracing to keep your business afloat.
So now that you have chosen your real estate discipline – property rental – and donned the hat of a landlord it is time that you understood what it takes to be a successful landlord. You have to be a good manager who should know more than just collect rents. You might also have to trace tenants who go missing.
Being a landlord is not easy and besides a fixed income that you might get, and the property appreciation that may happen if your neighborhood climbs the social and economic ladder, there are a bunch of qualities that you need to imbibe.
· Be a good manager
· Be Versatile
· Be Adaptive
· Be prepared to face the unforeseen
A property rental is no joke and once you take the plunge it is imperative that you understand the ins and outs of the trade.
In this article, we will talk about skip tracing as a tool that will help strengthen your tenant screening process, a very important step in the business.
But before we talk of how it helps, let’s first briefly talk of what the term skip tracing literally means.
Skip tracing basically describes the process of tracking an individual’s whereabouts, especially when there are no details available about the person in question.
Picture this situation, you are a landlord and had tenants who were continuously missing out on rents, and one day they just vanish without clearing their debts. Besides the uncleared rents, there are a whole lot of repair works that need to be undertaken in the property for its upkeep.
Messy situation, I know! To make matters worse you have no clue about their whereabouts and don’t how to go about tracing them.
Enter Skip Tracing. As a landlord wield the magic of this handy tool in locating your former tenants and hold them accountable.
Read on to find how landlords can wield the power of skip tracing.
As discussed above being a landlord is not easy and you would have to be prepared to wear the hat of an investigator to trace down a tenant who has gone missing without leaving any clue about this whereabouts.
In this situation, you have no other go than to employ this powerful tool that has strengthened the real estate world like no other. How can a landlord use it?
Use it to Verify Credentials
This is the foremost step that one should take as a landlord. Use it as a firewall to protect your interest. Run the details of your tenants through an agency to find out about his past credit history and other details to see if he has a history of vanishing without clearing debts.
Using skip tracing as a screening tool will save you the distress that you may encounter after the tenant has gone missing.
By using skip tracing you can:
· Get the complete criminal history of the prospective tenant
· Verify employment details
· Check for any discrepancies on the rental application
Use it as a Research Tool
Now, even after a strong screening process if your tenant manages to escape without clearing your debt, use skip tracing to trace him down.
Yes, it is a difficult task but not quite in this age of the Internet, you have an upper hand if you want to track people. Run the minimum details you have of the former tenant through social media or search engines like Google and you are sure to find some details.
Thus searching online is a good skip tracing strategy to look for missing tenants.
To conclude, skip tracing is a great tool for the real estate sector in total, but for a landlord, it can be a boon.
Those into property rentals should use it as a vetting tool and save the worries of getting into a soup later with defaulting tenants.