When you hire a property management investment company, somebody else will handle the lease agreement between you and your tenants. When it comes to screening tenants, you want to pick somebody that will possibly go on a long-term contractual relationship with you.
Tenants have the right to the exclusive use of your rental property for a fixed period of time. Your tenant is responsible for looking after one of your assets. That’s why it is necessary to pay attention to the tenant’s screening process before approving an application.
As a property owner, you want renters who will fulfill their obligations. Before you sign a tenancy agreement, you need to gather information about your applicants to help you decide. The more you know about them, the certain you get that you’ve made the right choice. You can only change tenants after their lease expires unless they committed an infraction or breach.
Investment property management companies will set the criteria for seeking new tenants. They are responsible for choosing qualified tenants for your property. To do that, here are some of the key questions to ask:
This is the easiest way to identify if you and your applicant are the right fit for each other. The earlier that you determine that your unit won’t work for the tenant’s timeline, the earlier you will save time and hassle in pushing the application through.
If the applicant has pets, and you don’t allow animals within the premises, then you save the trouble of continuing with the application. If, on the other hand, you allow pets, then you must set restrictions such as the number and size of the pets allowed.
A tenant’s rental history says a lot about their reliability. If they lack stability and consistency, then they are likely to do the same to you. This will give you an idea of whether to approve their application or not.
As an owner, you must ensure that there are enough bedrooms for everyone who will be staying at your property and that you don’t exceed legal limits. If you approve multiple tenants, you must ensure that the primary tenant is responsible for collecting the rent from other occupiers and that the rent payment should be made on time.
You can’t get an honest answer all the time but you should find ways to check if the applicant is a smoker. This is an important question to ask during the screening process due to the extensive property damage smoke can cause. You must reiterate the smoking policy on the premises and ensure that these details are included in the lease agreement.
A complete tenant screening is a crucial step in finding a good tenant. With an investment property management company helping you out, you’ll have informed decisions about the applicants. You want to choose the one that can help protect your property and rental income. A consistent tenant screening process and asking the right questions will give you a greater chance of finding reliable and responsible tenants.