Nowadays, it has become common place to conduct a background screening on a potential tenant. With this exercise, landlords don’t just secure their rental deposits but are also able to find out the history of their tenants.
Millow’s tenant verification process gives their users a detailed insight into the tenant profile which the landlords do not get from the typical rental agents.
A Tenant background check is extremely crucial and every landlord and rental firm needs it.
If you are an Indian citizen who owns a home that is for sale or rent, or an established landlord who is struggling to conduct a reliable background check, do not fret as we are here to assist you!
In addition to basic tenant background checks, our expert background screening team uses the potential of cutting-edge technology and our connections with local authorities to get a clear picture of the tenant’s past behavior, financial credibility, and criminal antecedents.
It’s but normal to think in terms of Return on Investment (ROI) when you have already invested somewhere. There is a continual supply of renters ranging from singles, working professionals, students, and the like. Once the issue of renting out your space gets resolved, other significant ones crop up. How do you make a call with regards to who you wish to let out your property to?
What if the individual in question turns out to be someone you would want to maintain a safe distance from?
A few typical issues are not paying the rent on time, creating a ruckus now and then over being provided special provisions, harboring a general disdain for adhering to simple guidelines. A landlord would be held liable and then booked for any dispute that is caused by the tenant. This will in turn jeopardize the prospect of earning rentals through that piece of property.
Indian Penal Code’s Section 188 states that not conducting police verification of prospective tenants could result in a month’s imprisonment or a certain amount to be paid as fine. It is a mandate now. So, what must one do before taking in tenants? Handing out a Police Verification form and getting their ID proofs such as their Aadhar Card, Voter’s ID card, PAN card verified should be the foremost step. Financial capability is paramount and so, taking a look at their last 3 months’ bank statement or checking their credit history will shed some light and relieve you of the stress that gets generated due to untimely payments. Getting in touch with their local district police ( as per the previous residential address) to ascertain their general conduct is another method. One can find out where they’re currently employed and how their ITR (Income Tax Return) files have been handled. You could also ring up their previous landlord and enquire if the rent was paid in a timely fashion if the place allotted was looked after carefully and maintained well, and whether there were any uncalled-for troubles.
Pro-tenant rent control laws continue to pose challenges in our country. They have been designed keeping only the tenants’ interests in mind which is a real dampener. Judicially too, procrastinations over disputes surrounding homeowners have demotivated the potential ones to move forward with their grievances.
The Model Tenancy Act, 2021 demands the repeal of existing rent control laws in all the states and the Union territories. It also eliminates monetary ceilings on the rent amount and permits negotiation on the duration of tenancy between homeowners and tenants as per market standards. The need for tenant screening only the most righteous individuals who will not misuse these legislations becomes all the more vital.
You can even self-verify yourself through trustworthy background verification company before signing a contract with your landlord. You can then end up paying a lesser security deposit by producing a self-verification certificate, which will act as the gateway to all your future accommodation solutions. The elderly need to be overly cautious when letting out space. The common notion that potential tenants hold about elderly landlords is that they will avoid getting enmeshed in heated discussions.
This prediction is partially correct but also paves the way for unruly behavior on the tenant’s part. Any uncertainty can be smoothly averted if the right background screening firms are sought. They do a comprehensive analysis of the individual in question and provide you with all the findings in about 5-7 days.
Millow™ is a technology-enabled background check agency in India that uses advanced technology and intelligence gathering methods to check the background of new employees, tenants, domestic helpers, etc.
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