Using Lexis Nexis to Be a Better Landlord
When most people think about Lexis Nexis, they may have the notion that only lawyers use this legal research tool. In recent years, however, Lexis Nexis has expanded operations so that the public can now use its research tools. Landlords can use Lexis Nexis in order to screen tenants and ensure that they find responsible tenants for their investment properties.
As a landlord, one has immense responsibilities, and ensuring that a property has good tenants is a must. If one chooses the wrong tenant, there is no telling what type of property damage can occur. A poor tenant may also be someone who is unable to meet rent obligations every month.
By using Lexis Nexis, landlords can now independently do background checks on tenants. There is no need to hire a property management company for this task. Doing a background check on tenants is one of the ways in which landlords can ensure that their properties are protected in a lease agreement.
Choose Tenants with Good Credit
When a landlord speaks with a tenant in person, he or she may get the impression that the tenant is fiscally responsible. Students, for example, are usually individuals who are very well-spoken and present themselves well. Unfortunately, however, students can also be a risk for landlords to take on in leasing a property.
When a student graduates from college or graduate school, he or she may be unable to find a job for paying the bills. A landlord may be stuck with a live-in student who can not afford to pay rent. Doing a background check helps a landlord to better understand the financial situation of a student and whether he or she can afford to live in a rental property.
Check Criminal Record
In a background check, a landlord will also be able to see whether a tenant has a criminal record. If a tenant has a criminal record, then this is a red flag that the landlord should probably try to find a different tenant for the property. This type of individual may have a pattern of creating damage to property in his or her past. This is not the type of tenant that a landlord would want in his or her investment property.
As a landlord, you have probably poured thousands of dollars and hard work into your investment property. You can protect your livelihood by using Lexis Nexis tenant screening services to screen for the best tenants.