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May 25th, 2014 at 12:06 am

Tenant Screening Tips for Colorado Springs Property Management Firms

Seasoned Colorado Springs property management firms understand the need of finding reliable tenants for rental properties of property owners. As good tenants are critical to the success of property managers, it becomes mandatory to go through a stringent screening process and fill vacancy carefully. A bad tenant will end up consuming most of your time and energy, and in turn will leave a bad impression about your firm in the market. Not screening the tenants can result in renting homes to the ones who damage the property, run away in the dark of the night, or even run away without paying rents.

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This blog will help property managers understand the core process of tenant screening, and tips that can help them choose right tenants, in a detailed manner.

Before Receiving Applications

Go Through Applications Carefully

Prequalifying tenant applications before you actually get to meet the applicants is significant. Go through the applications and show the property to only those interested parties which make a good fit. In their application, applicants should mention their work details, job history, current and past addresses. Once you have received the application, look for red flag signs.

One of the biggest warning signs is when an applicant has left a blank space in previous history. This is a clear indication that the applicant doesn’t want you to contact the previous employer. Incomplete or partially filled answered are an indication that the applicant wants to hide some facts. The applicant might make an excuse that why you can’t contact the previous landlord, but there can be a major loophole. It should be considered as a warning sign.

If someone is inquiring about your rental unit, it is best to ask questions like what is the desired date when you plan to move on, do you have pets, what is the current CTC, how many people are planning to move into the property, and alike. This way, you will be able to get answer to all your queries, and save time of screening the applicants that don’t fit into the bill.

Show the Property

After pre-screening the applicants, it’s time to show the realpropertymanagementcolorado property. At the time of showing the rental unit, you’ll get time to interact with prospective tenants. As you will be doing lot of interaction with the new tenant in the coming time, it’s best to communicate face-to-face with them and see which one candidate will you enjoy working with. A lot of property managers even verify the ID of the renter during their interaction. Give out application forms so that prospective tenants can fill their personal information including name, phone number, current residence address, email ID, and social security number. Also in the application form, tenants will fill financial information, which includes bank name and address, and account number. It is also important for the tenants to give out the name and number of their references.

After Receiving Applications

Verify Rental History

It is significant to check the references provided by applicants and confirm the rental history as well as employment history. Rental history will let you know about the credibility of the applicant. You should go ahead and contact the previous owners so that you can know about their past experience with your prospective tenant. You should know if the renter is an imposter!

Verify Employment Info

It can be really worthwhile to conduct an employment check on the prospective tenant as it can give you an idea if the person can actually afford the rent of your unit. The company might not interact with you directly, but you can ask questions over mail about the salary the tenant is drawing and the employment period.

Check Credit Report

Lastly, it makes sense to run a credit check on the tenant as it can disclose the financial as well as legal status of the tenant. The credit report will inform you about late payments, bankruptcies, evictions, credit score and history, and alike.

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Make Your Decision

So once you have screened the applicants properly, it is time to take decision for your rental unit. And the tenant you have select, you need to set your expectations right. You should put everything straight about move-in, move-out, as well as periodic inspections. This will make your entire process of screening a tenant successful and worth your time.

So it is important for a Colorado Springs property management firm to go through a proper screening process for filling vacancy of your rental unit.

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