Selecting the right tenant is a big part of successful property management. The goal is not to have any tenant settle down at the property. You have to choose the right tenants that will pay on time and appreciate living on the property so that they treat it with respect without causing damages.
By selecting reliable rental property management, you will be able to protect your investment and have tenants that stay on for longer. There are screening processes carried out by project management companies that help you choose the right tenant. This allows you to have a consistent cash flow and be able to reduce costs for rent collection and eviction.
You should have a clear idea of the renter you want to attract before you create a marketing strategy. There is a small part of tenant screening that can be automated such as writing a good ad copy and having the right interviewing questions. You also need to carry out a thorough background check. There are tenant screening apps that are available but you should have a solid process in place to attract the best tenants.
The tenant screening process has to be professional and you should think very carefully about how to gauge the true intent and ability of the tenant. You should have an idea of the tenant qualities you are looking such as being able to get on with neighbours, the ability to pay the rent, having employment that enables them to pay rent consistently and their willingness to lease for a long duration. There should be a lease contract in place and the tenant should agree to the conditions on it and stand by it. By focusing on the quality of their character and their ability to pay, you will be avoiding discriminating against the tenant. Discrimination can affect your reputation as a landlord negatively and it can lower the interest in your property.
You should be very careful in writing the property rental ad. Think about the tone of the ad and the details you are giving to it. The way you describe the rental property will attract specific renters. So you should phrase the ad in such a way that it appeals to the right renter. You have to make sure that you don’t get unwanted prospects. You have to understand where to advertise. A reputed property management company will understand the type of client you are looking for and how to advertise for them in the right place.
Advertising on every website you find is the wrong call as it can bring you applicants from the wrong tenant pool. It is good sense to select a tenant that has a good income and good credit. They should be able to earn about three times what you are asking for in rent; this will ensure they are able to pay the rent on time continuously. You have to check for previous evictions, bankruptcies and criminal records to get an idea of their ability to keep paying.