Check out any blog about property management and one of the questions that is on the top of the list is “How do you screen tenants?” You need to know because good tenants will make you money and protect your investment; bad tenants will cost you money and time. Of course you have your preferences, however you are bound by federal law to abide by Fair Housing Standards. How does your property manager select tenants?
Our 6 Step Process
Application. We require each and every adult to fill out an application form. This simple requirement helps to weed out people who are serious about renting and those who are just price shopping. Our application also allows us to collect important contact information and details on how many people and/or animals are involved. The application lets us know if we need to ask for documentation for companion and service animals, etc.
Credit check. A credit score will give a good indication of a prospective tenant’s ability to pay bills on time.
Income and employment verification. We require that a tenant’s income is three times the rental amount. We verify income through recent pay stubs; or, in a situation where a person is relocating for a job, we will use an offer letter from the employer to verify.
If a prospective tenant does not meet the income requirement, has an acceptable credit score, or is unable to show proof of employment we give the option to pay the entire lease up front or offer the addition of a co-signer or increased deposit in order to ensure coverage.
Background check. A background check is important to ensure the safety of the property and community. Anyone with a felony against people or property, regardless of date of charge, is not allowed in any of the properties we manage.
Rental history and landlord verification. It is important to know how a prospective tenant has treated the properties and landlords he/she has had before. We take the time to reach out and contact previous landlords to find out if the prospect was on time with payments and respectful to people and property. We absolutely refuse to rent to someone who has had an eviction so that we can prevent the same headache from happening for you.
Security deposit and lease. The deal is sealed when he/she signs on the line. We thoroughly screen the tenants and then require them to pay the security deposit in full when they sign the lease. We will not take payment arrangements because we know that a lot of the relationship between tenant and landlord is determined at the beginning. We set the tone and standard to pay in full on time at the time the money is due. Period.
Compliance with Fair Housing
Our application process and lease offer is on a first-come, first-served basis. In accordance to Fair Housing guidelines, we do not base our selection on race, religion, age, familial status, national origin, or disability status. We do not show preference to any person; we process applications in the order in which they are received. Yet, because of our comprehensive application process, we are able to find great tenants for your property.
Eliminate the Guesswork
Finding great tenants and making sure you are always working within the Fair Housing Guidelines can be trickier than you think. We are educated in the Fair Housing Guidelines and know what is and is not appropriate or allowable when it comes to tenant selection. Save yourself the headache of marketing, showing, screening and selecting tenants for your property. Leave it to the pros–we would love to work for you. Give us a call to see what Prestige Property Management can do for you: 208-938-8009.