There are three areas that are key to a successful and financially sustainable rental property: People, Property, and Perception
As any good property manager or landlord knows the key to a long-term, financially viable rental property is full occupancy with long-term residents. The trick remains in sustaining long-term residency.
There are three areas where long-term residency can be created: People, Property, and Perception. Each is equally important and success in each area can potentially lead to long-term relationships with renters. And it all starts with tenant screening.
Tenant screening is a relatively simple task that is a central part of a much more challenging activity: Vetting potential tenants. There are several aspects involved with vetting tenants. First, and foremost, is the interview process. A landlord or property manager should conduct this activity face-to-face with the potential tenant, thus allowing a candid conversation with each party sharing expectations. After filling out the application, a candidate should be put through a thorough tenant check. This task should include reviewing financial viability, criminal history (as allowed by state and local law), and evictions. In additional landlords and property managers may find it beneficial to have references reviewed and wait for the deposit check to clear prior to turning over the keys.
The fundamental purpose of a tenant check is twofold. One, it allows the landlord to make a decision based on current data regarding the candidate, thus creating financial surety and, two, creating a safe environment for the people already living in the rental community.
Protecting the current populous of a rental property is critical to long-term renters. The people that make up the community will have a significant impact on long-term relationships. One bad tenant can ruin a living experience and, if not handled properly, can lead long-term renters to move.
Property is equally important. A well maintained living space can greatly enhance a living environment. However, it is important that maintenance workers and contractors be background screened, especially if these individuals are allowed unsupervised entry to a renter’s home or apartment.
Further, people and property lead into perception. If a property gains a bad perception in the potential renter’s eye that perception may well become reality. However, perception is reality for properties that receive frequent police callouts or other activities such as widespread graffiti or vandalism.
Landlords that manage properties with bad perceptions can work with local police departments in order to “clean-up” the property. Increased patrols can greatly assist in creating a safe environment.
If a property manager or landlord focuses on people, property, and perception long-term relationships and renters will follow. The goal for any rental property large or small is financial surety and it starts with thorough tenant screening.
TenantScreeningUSA.com is a third-party background screening company that offers thorough, affordable, and secure tenant checks for property managers large and small. TenantScreeningUSA.com is fully compliant with all local, state, and federal regulations that enforce the tenant screening industry.
