The Ultimate Landlord Tenant Checklist: Tips for Maximum Efficiency
Summary: Selecting the right tenants for your property can have an impact on your revenue – both in a good and bad way.
With the help of this guide, you’ll learn how to effectively qualify every prospective renter that contacts you and eliminate problematic tenants early in the application process through the use of a tenant background check. The truth of the matter is, owning a property is an expensive endeavor. But, many owners feel like they don’t have the time to screen every renter carefully – remember, each day a room is vacant you are losing money. This is a mistake. Tenant screening is one the most crucial aspects of the leasing process, so to speak. Qualifying renters will help rid of untrustworthy tenants, leaving you with a property of responsible, long-term renters.
Prequalify Through the Phone
Hearing your business line ring is undoubtedly an exciting feeling. It means people are interested in your property. However, don’t immediately schedule an appointment for the prospect. Your tenant screening process begins here.
Start by asking questions with specificity so you get an answer that is concise and clear. For instance, if you say, “I have a unit that only fits two people. How many people are you planning to add the agreement?” it gives them a chance to be dishonest – and you can only take their word over the phone. Instead, what you should asking is, “How many people are planning to move in with you?”. It’s a more direct question and enables them to disclose their information beforehand.
If the tenant fills out the prequalification sheet and you get a good feel for the individual(s), it’s time to show your property to the serious prospects.
Showcase Your Property
Never forget to show your property. It doesn’t matter how perfect the prospect may sound during the prequalification process, it’s always important to meet your renter. Get a good feel for their personality and build a relationship beforehand. After they sign the contract, you’ll have many interactions with them during their tenancy.
Analyze Each Application
Going with your gut feeling on a prospect won’t always end up in a fairytale ending. And, it won’t protect you in court if you’re facing various accusations or for evicting a tenant. Be sure that you follow through with all of the standard checks such as a landlord credit check, a background check, and all of the other necessities required. This will ensure that you remain objective and use the same application and requirements when screening potential renters.
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