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Listing Your Property For Rent in 2024? Our Tenant Verification Guide For NRI’s!

The IT hub of India welcomes many NRIs, companies, investors, and entrepreneurs every year. Labeling it the fastest growing city in the country with an equally progressive approach towards economy and society won’t be wrong.

These features invite many migrants from India and the world to this cosmopolitan city. To cater to the housing needs of this massive pool, homeowners need stable and efficient NRI Property Management Services in Bangalore, like ORO.

But that’s not the only thing.

In past years, the significant issues that property owners have encountered are irregular rental payments, lease violations, safety risks, and damage to the property. While this may sound like an exaggeration, we have covered a similar case study in one of our recent blogs (click here), which you should read for reference.

It’ll help you imagine the scope of trouble you could invite when the tenants choose not to leave your property and stay illegally free of cost.

Here’s a brief–

After long months of waiting and legal tussles, the owner, Venugopal Mottur Padmanabhan, finally ended the chaos of four years. Upon investigating the tenants’ history, it was found that they have done the same thing with others.

This could have been avoided if the tenant verification process had been carried out efficiently.

And it pretty much sums up the purpose of reading this blog. Since you own a house in a bustling city, you’ll find many people searching for Rental Property. So, clarifying the Tenant Verification process will let you know who’s getting into your property.

Why You Must Verify Prospective Tenants?

Until now, you must have understood the importance of running a background check on tenants before renting out property. Here, we have simplified the reasons to help you understand the bigger picture behind this process–

  • It Protects Your Property.

When you entrust your apartment or house to someone, you want them to use it properly and legally. The verification process ensures that you hand the keys to responsible individuals who would not cause intentional damage to your property.

  • It Ensures Legal Compliance.

Many may not know, but tenant verification is mandatory before signing the Rental Property agreement in Bangalore, whether online or offline. Simply because the owners are answerable to the authorities in case their property is found to violate any government acts or regulations.

  • It Gives You Clarity About Tenant’s Financial Stability.

In the case mentioned above, if the people accused of defaulting on purpose were found to be unable to pay the rental fee, the situation could have been much worse. Therefore, while listing your property online, knowing the affordability capacity of prospective candidates interested in renting can help you shortlist the right fit.

Also, setting clear terms and conditions about the rental amount and how much surge a tenant can expect every year puts you and them in a better position. It’ll avoid unnecessary arguments and legal battles, allowing both parties to live peacefully.

What does it involve?

The process, though it seems complicated, is simple to understand. Usually, it involves a series of checks to ensure a person’s suitability to rent your property. To make it easier for you to understand, we have covered the essential steps below–

1. Running a Background Check of All Details 

As the statement suggests, you need to run a thorough background check of your tenant, which covers everything from personal data to past rental records.

It means you’ll be asking or finding clues to questions like these:

  • What is their permanent address?
  • Are they salaried or self-employed?
  • Why are they leaving previously rented property?
  • How many people will be moving into the property along with them?

To help you get started, here are some key points:

  • Everything Personal

All the data must be collected accurately, from knowing their name and permanent address to their contact information. For this, use their Aadhar cards, passports, or driver’s licenses to verify all the details.

It’ll help you confirm a person’s identity and complete the first step of the tenant verification process. 

  • Work-Life Matters

Next, you must verify the prospective tenant’s employment status and income. You can even ask them for references and check with them to know more about the person’s personality. 

  • Have any Rental History?

If they have lived in Rental Property before this, investigate their reasons for leaving it with them and the property owners.

Check if they have a history of delayed payments or were a responsible tenant. 

  • What about their Financial stability?

Knowing about their income gives you better insight into their purchasing ability. It ensures they’re stable enough to pay monthly rent and will not default on payments.

2. Getting a Clearance Certificate From the Police

After all the self-verification, it’s time to get a clean chit from the Police. This certificate will verify that the tenant has no prior criminal record and is safe to rent your property. 

Follow these steps for online/offline tenant police verification–

  • Collect the form from the nearest police station or download it from the website.
  • Ask your tenant to fill in the necessary details and provide a copy of the documents mentioned in the form.
  • Now, you can submit the form.

Finally– Let ORO help!

Navigating this verification process can be problematic if you’re a new NRI to Bangalore’s rental market. Plus, you need to get a hold of multiple documents and check various references, and still, there’s a scope to take advantage of crucial steps.

That’s why ORO exists as the best NRI Property Management Services in Bangalore. Our team has years of experience helping tenants and landlords conveniently find and list properties that best meet their purpose. The best part is that you don’t have to worry about broker charges.

We provide a seamless experience throughout the process so both parties can sign the rental agreement worry-free. If you need help understanding legal steps, we are here to simplify those for you. Or, for those who need help with finding homes for rent in Bangalore, our platform is the best.

We make no claims; you can check our website or contact us for further information.