Tenant Screening Tips for Property Owners
Finding a potential tenant is the foremost priority of a property owner. A good tenant is easy to communicate with, holds healthy financial & rental record, pays rent on time, takes care of the property, and adheres to the laws & regulations. Before renting the property, make sure to go through a comprehensive tenant screening process. This way, a landlord can minimize the chances of a bad rental experience.
Set the Rental Price - It is imperative to set an optimal renting price. Get the market analysis and fix the rent accordingly. Setting an appropriate rental rate will not only ensure profitability, but will also attract potential tenants.
Lay down the Right Rental Criteria - It is important to set rental criteria before starting the screening process. It must include the income records, copy of photo ID, no prior lease violation or evictions, no outstanding debts, a positive rental history, list of reports or documents required.
Rental Criteria sets forth the minimum qualifications and streamlines the whole process. It also helps a property owner to detect red flags at a very initial stage.
Background Check - Don’t rely completely on the information provided by a tenant applicant. Perform a complete background check on your level before going further. For example, one should contact his/her former landlord to get a deeper insight.
Written Rental Application - Make sure to get a written rental application from a person who has shown interest in your property. A written rental application will provide the full name, contact number, current residential address, social security number and other relevant information.
Legal Compliance - Make sure to create a screening process which complies with all the federal, state & local laws and regulations.
Property Tour - Meet the prospective tenant in person and show them property before approving his/her application. Try to learn more about the person and his personality while giving him/her the tour of the property.
The Lease - A lease is a contract which binds the landlord and his tenant legally. Draft a well written lease which covers occupancy limit, rent stipulations, lock-in period, security deposits, housing rules, maintenance requirements, address, terms and conditions, financial information and additional charges like parking etc.
Screening process is indeed a tedious and time-consuming task. It is better to take help from professionals in order to reduce the workload which comes along. Real Star Property Management is an expert which not only conducts an effective tenant screening but also provide services like property evaluation, marketing and leasing strategy, regular inspections, rent collection, collection and retention of tenant security deposits, risk mitigation policies & procedures, maintenance & repairs of the property and professional remodel. Our cost-effective fee structure does not place pressure on the property owner. So, enrich the rental experience with Real Star Property Management and maximize the returns from your investments
REAL Star Property Management, LLC is serving in Killeen, Harker Heights, Temple, Belton and other areas of Central Texas. We love to give comforting abodes to the tenants and good profits to the property owners. Drop in your queries by using the contact form available on our website.
You can visit us at Temple TX, 1506 Paseo Del Plata Ste 200, Temple, TX 76502 and Killeen TX, 3901 E Stan Schlueter Lp Ste 100, Killeen, TX 76542.