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It’s not enough to just verify your candidates have a job?

September 17, 2011

We all know to verify employment when renting your property. One of the best ways to do this is to ask for their most recent paystubs. But merely verifying that they are employed where they say is not enough. The big question is how are they paid? Salary, hourly, commission, are they self employed?

You can’t stop there. You need to talk to their supervisor especially with hourly employees. Ask them do they always get 40 hours per week. Is overtime allowed? Do you plan to cut his/her hours back in the near future? What drives the number of hours they get? Are they in good standing with their employer? My favorite question to ask their supervisor is, “If Tom came to you next week and asked for more hours, would you grant him this request?”

Sometimes when I ask these questions their supervisor will not provide all of the information. So I just ask my prospects these questions. I then continue the questioning — What happens if they get sick? Do they get sick time, or is this just hours not worked (money lost)? Do they get paid vacations? If their kids get sick and they have to stay home, do they have someone to keep the kids? The good tenants have a plan.

How your candidate answers these questions will help you to determine if they can make the rent. Also note their attitude with this line of questioning. Some are taken back and offended, but those who want your house and understand the roles between tenant and landlord should be answering with no problems.

This line of questioning only comes out to my finalist for the property. I care about the answers, but asking these questions is even more important from a tone setting prospective. It tells them what is important to me and what a priority I put on paying the rent on time.

From → Landlord

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