Last Updated on 2019-09-06 by Tom
How do I know I can trust him/her?
(a method I would like to share to start a decent tenancy…)
Regardless of landlords or tenants, the most critical question one should always ask is “how can I tell for sure he/she is trustworthy before it is too late?”. I would like to share a method that I have borrowed from my 20+ years of experience as an engineer. It has allowed me to quit my job, run my rental business, put food on the table for the family for the last 10 yrs. It is simple to do, but surprisingly very few people seem ever heard of it. it is called Triple-modular-redundant principle, or TMR in short. (you can find the details on Wikipedia if you like, and yes, it’s kind of boring. My intent is to share this with a lot more via this easy-read short article so that you can apply it to find a happy match )
First, a quick story about how TMR works. I used worked in a petroleum refinery in China, which the whole industry was built based on the technology from the Soviet Union (Or “Russia” for those who don’t know what I am talking about). The most expensive equipment there is called “gas turbine”, and it broke down all the time for many years and millions $$$ went to drain.
This went on until China was connected with the world (including Europe), and we bought the same equipment from Germany, it worked like magic, and it never fails. And finally, I figured out the real difference is German machine has 3 probes applying TMR principle. And here is how: The 3 always test the same key parameter at the same time and 99% of the time, they all give the same readings, it means all good. if 2 out of 3 are the same, we know while the machine is still good, but the probe gave different number is bad one and replace it immediately. Just this simple trick, millions of $$$ saved.
Lesson learned? If someone tells you to trust me and here is what I do: I believe him and check with 3 “probes”, depending you are landlord/tenant
If you are a landlord, say you are being told by the applicant that they are trustworthy, no problem. Believe what they say and check the following 3 things: 1). Income; 2). Previous landlord reference; 3). Credit check. There are a lot details goes into each category so PM me if you are interested in more, but simply put. As long as 3 out of 3 matches, then pass, if 2 out of 3, then find why the 3rd one is different before you make the decision. if only one or none is right, you better let him/her go, or you are having a hack of hell coming to your way.
If you are a tenant, say a landlord tell you to trust me. Again, believe him, and ask/check the following 3 things/categories: 1). the rating/review (it will be easier for the business as a rating can be found via google review easily; if not, there are other ways you still can check, PM me if you are interested in how); 2). the reference names and numbers of the current/past tenants for a reference check. 3). Ask him which business he is dealing with when big items break down (such as the furnace, or water heater), then check and find out the rating of that business, and even better, give them a call and to check what you have been told. as long as 2 of 3 are good, you are relatively confident it is a reason to deal with, and if not, then, proceed with your own risk and good luck.
One last piece I would like to add – no matter who we are, landlords or tenants, we are all human beings, not machines and prone to more flaws and shortcomings, and that is why we always need to put human touch into the relationship to not just start, but build a last trusting relationship. That is not the only principle but also an art that is remarkable and worthwhile to be held dearly.
To close, I would like to say based on my humble experience as being tenant and landlord, 90% people as least, if not more are decent, so be decent to your fellow human beings, along with the caution to be taken with MTR principle, you should do fine as well. Good luck!