Tenant selection is a crucial step in minimizing operational risks. Piece requires all the investment projects to evaluate potential tenants with focus on several key processes:
1. Screening:
Thorough background checks are performed, which include assessing credit history. This helps to gauge tenant’s financial responsibility and suitability.
2. Interview:
The prospective tenants are met in person or through a video call. This interaction allows us to assess the tenants personality, address any questions or concerns, and clarify expectations.
3. Financial stability:
As a standard practice, to ensure tenants have a stable income to cover the rent, it’s required that their monthly income be at least three times the rent amount.
4. Clear Lease Agreement:
To foster transparency and a mutual understanding, a comprehensive lease agreement is used. This document outlines all terms and responsibilities, ensuring that both parties are on the same page right from the beginning of the tenancy.
The investment projects that are listed on Piece platform will follow this structured tenant selection process, contributing to a smoother and more secure rental experience for all parties involved.
