Finding a trustworthy tenant for your property as a landlord can be overwhelming. Although it can be tempting to rent your house to a prospective tenant that’s ready to pay and move in as quickly as possible, it’s essential that you carry out due diligence before handing over the keys to your property to them.
Tenant verification is integral to avoid running into a host of problems down the line. Neglecting to thoroughly verify your tenant's information can open the door to various issues that can cost you time, money, and even legal troubles.
In this article, we'll explore some potential consequences of not correctly vetting your tenants and provide tips for making the right choice when renting your property.
- No case of a compromised address
Renting your property without verifying your Nigerian tenant can put your home address at risk of being open to criminal activities. If a tenant carries out a crime in the address or submits it for fraudulent transactions, it would be difficult to regain trust in that address as it will be tainted with its involvement in a crime. You’re open to this risk if you don’t verify your tenant’s information and source of income.
The most common occurrence, in this case, is renting your property to fraudsters.
2. Ability to re-lease your property
As aforementioned, an array of issues can compromise an address, making the property very difficult to rent out again. People rarely want to live in homes that could be considered unsafe or have been reported for criminal activities. Information verification puts you at ease with always having your home in the hands of tenants who keep it in pristine condition and with spotless criminal records.
3. Consistency in rent payment
One of the most common issues landlords face is rent collection and chasing tenants for rent when due. Understandably, people can fall on hard times; it’s still crucial that financial verification is done for prospective tenants to develop payment plans that will work for both parties. Verifying your Nigerian tenant’s finances reduces the chances of hounding your tenant for rent when it’s due.
4. Reduced cases of theft and damage to property
One of the several advantages of verifying tenants is having accurate details of their guarantors and the backing of the law. Verifying tenants in Nigeria gives you detailed information from past landlords about their previous rental history, which links to a reduced chance of renting to a tenant who will steal from you or cause damage to your property.
5. Appreciation of property
Renting your property to tenants who appreciate the property puts you at the advantage of them keeping it safe and, as stated earlier, re-leasable. Well-maintained properties appreciate and bring more money for the landlord.
6. Zero legal issues
The peace of mind that comes with having an excellent tenant-landlord relationship is unmatched. You won’t have to worry about dragging your tenant to court if you know their identity, character and finances. Verifying your Nigerian tenant also puts you at less risk of getting into trouble for crimes committed on your property.