The goal of investing in rental property is to make a sizeable return on investment, which starts by finding the best tenants. This entails conducting in-depth screening within legal parameters to ensure you don’t lease to the wrong person. However, tenant background checks can be pretty challenging if you don’t have the technology and strategies needed. If it’s your first time conducting tenant screening, a lot can go wrong, so hiring a professional property management company is advisable.
3 Options Realty has a team of highly experienced property managers ready to help you find long-lasting tenants. We know the challenges of frequent evictions and leverage our extensive industry knowledge to conduct comprehensive screening before signing the lease. Here are tips to help you avoid rookie mistakes that compromise your return on investment.
Landlords and property managers need rental applications to help them know more about prospective tenants. You can’t show the apartment to anyone who shows up without vetting them. We can help you design a rental application that checks all the boxes, ensuring candidates for the rental property quality morally and financially.
The right prescreening questions go a long way to ensure you have sufficient information to proceed with screening. It is the most effective way to narrow viable candidates from a long list of applicants. The last thing you want is to lease your property to a tenant who can’t afford monthly rent or pay on time.
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Read MoreThis goes without saying: you should always complete a background check. Even if someone will pay upfront, it is essential to conduct a screening before giving them the key to the apartment. A professional property management company can help you design quality background checks that provide insight into a tenant’s history. You may stare at a potential security risk if they have been in trouble or have a criminal record. Tenants want to live in a safe place, and leasing to a criminal can increase vacancy rates unsuitable for business.
Before proceeding with the background check or having prospective tenants fill out applications, you need to interview them. If you have a busy schedule and need more time to sit with potential tenants, consider working with a trusted property management company. We have experience with interviews and know the right questions to ask to ensure they are the right fit before filling out an application.
After assessing various applications and running background checks, ask for proof of income. Stating how much they earn on the application needs to be supported by evidence, like a bank statement, direct deposit notice, pay stub, or a letter from the employer. You are running a business, and knowing your tenants can make monthly rent payments is crucial.
You don’t have to go through it alone; contact us at 3 Options Realty and schedule a consultation with our property managers. We guarantee exceptional services to turn your rental property into a solid revenue stream.
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