Tenants are different in a way that some will give you an easy time while they rent your property while some will make your life difficult in the entire time they spend within your premises. For this reason, we advise homeowners to take the time to screen a prospective renter before handing over your property’s keys. The most important things to screen for with prospective renters include the following.
1. Stick to the rental rules in your state
Observing the housing rules is essential in assisting you to avoid lawsuits resulting from tenant screening. The rules require you to avoid bias on race, nationality, disability age and other discriminatory factors. Housing laws vary according to state and locality.
Credit is one factor that you can use to identify the financial responsibility of a prospective renter. Responsible tenants pay their bills on time and hence have good credit. To determine a prospective renter’s credit, investigate on a client’s source of income and monthly income. Good customers should earn an income that is far above the house rent.
You can also check their credit score from credit reporting companies. A credit report helps you to determine if the client has a debt, a bankruptcy history, or other factors that can lead to delayed rent payment. Choose one with a clean history of paying bills on time and low incidences of debt.
3. Criminal History
A prospective renter’s criminal records can be accessed from legal authorities like the state or federal court. The criminal records compile all criminal offenses that one has ever been charged. To access the records, you will be required to have the prospective tenant’s personal details.
Carrying out a criminal record can be time-consuming and sometimes you will be needed to hire a professional to help you.
4. Tenants rental history
A tenant’s history can be accessed by contacting previous landlords. Some of the information that you can inquire from past owners include if the applicant pays rent on time if the applicant gives notice when planning to move out if the tenant is responsible and other information that can be used to judge a good tenant from the rest.
5. Number of occupants
Landlords can also inquire on the number of residents that the tenant will bring into the premises. Professional recommends that a bedroom should contain a maximum of two people. Landlords should observe local regulations regarding the subject on the number of individuals occupying a room and other conditions like the size of a room that can be subjective on the number of office users.
Some prospective renters may be planning to move in with their pets. Landlords should, therefore, inquire if the tenants have pets. If a tenant has pets, they should be vaccinated and species. The homeowner insurance restricts some pet species. Likewise, those with behavioral misconduct can be a nuisance to other tenants.
7. Substance use history
Some types of substance like cigarette smoking can cause bad odor in a house. For this reason, landlords can deny renting property to irresponsible smokers. Likewise, illegal substance users may turn to be irresponsible and mischievous in paying bills and rent.
8. Length of rent
Some tenants may be renting a property for a short time while some may be willing to rent a property for a long time. Long term renters are preferred because they will save you from the cost of advertising for new renters.
Tenant screening is time-consuming and costly and sometimes the selection process may not guarantee good tenants. Even good tenants need proper management to make them stay longer. These are reasons you should consider hiring a management company to save you from hassles associated with property rentals.
If you own rental property, the setbacks should not give you worries. Hiring a reputable property management firm is one way of eliminating the asset management hassles while making an income from the property you own.
Here are ways that a competent asset management company will add value to your investment.
1. Property managing firm will help you with legal problems
Experienced landlords confess that handling tenants can lead to many legal problems. These legal issues are costly and time-consuming. Asset management firms work with professional who are knowledgeable on property laws in a particular state or township.
2. Property management
Competent property managing companies help homeowners in all asset management tasks. The company improves the property to meet marketing standards. Besides, the company will help to set a rent rate depending on the market price.
3. Tenant retention
Poorly managed property experiences high tenant turnover rates which lead to loss of rent and other accompanied costs like advertising, cleaning and making minor repairs. Reputable companies understand tenants’ needs. Therefore they ensure that they provide services that encourage residents to stay in the rental property for a long time.
4. Rent collection
Timely rent collection helps to maintain consistent cash flow. When collecting rent, property owners need to listen to countless excuses and sometimes they have to rub shoulders with stubborn tenants.
A management company helps to set fast rent collection rules to ensure that tenants pay rent on time. Property managers will also contribute to evict stubborn tenants who can’t keep up with paying rent on time.
5. Reduced maintenance costs
Property maintenance is an important exercise that plays a role in tenant retention. Hiring contractors to carry routine maintenance services puts property owners at a risk of getting contractors who give services at an inflated price.
Hiring a property manager helps to reduce the cost because the management companies have a maintenance staff. Additionally, they collaborate with licensed technicians who give the discounts on various services. Timely repair prevents systems from developing major problems that are expensive to fix.
Hiring a property manager will also save you from the stress of handling tenants and give you the freedom to engage in other productive activities. These benefits can only be achieved by hiring a competent asset management company.
If you are a property owner in Midvale Area searching for a competent property management, then search no more. Our company Keyrenter Salt Lake has all qualities that make up a responsible company. We work with property managers who are dedicated to giving you the peace of mind you need. Our experts ensure that your rental property is always occupied and well maintained.