Checking Each Renter
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One of the most important tasks for a property manager is to qualify each and every potential renter. All adults wanting to reside in an apartment need to fill out a written application, as well as give permission for the property manager to run a credit check. Charging an application fee is perfectly legal and acceptable in most parts of the country. This will help to defray the costs involved in checking out any candidates, plus it will immediately weed out anyone that knows they have a poor track record.
The rental application is pretty standard throughout the industry, and generic forms can be downloaded off of the internet by the property manager at little to no cost. Each adult fills out these forms that will ask for their personal information, as well as residential, credit, and employment history, along with references and any additional pertinent information. A diligent property manager can get a good idea as to the character of a particular person as a tenant with just the data available on the application form.
The name, date of birth, and social security number will allow a property manager to find out a lot of just basic information, plus run credit and background checks on the individual if necessary. A that pays per check will want to do this step last. There are plenty of other things that can be done at no cost to help reject unfavorable applicants.
The most important place for a property manager to start when qualifying customers is to contact references and previous landlords that have been provided on the rental application. This is an easy task that will take very little time, but can produce a wealth of knowledge. If the names and or telephone numbers given are false, then this is obviously not a good candidate for a new tenant. If one of these references has some negative things to say, then that might be overlooked. If several of them have unflattering things to say, then the potential renter needs to be overlooked. Very little time and money invested, yet a potential problem avoided.
It is also essential for a to verify the potential tenants employment and other forms of income, such as alimony, SSI, pension, etc. Even a seemingly perfect applicant needs to earn at least three to four times the monthly rent in order to make ends meet. If the potential tenant has only been with this current job for a short period of time then previous employers need to be contacted. A history of job-hopping shows a lack of responsibility and may invite problems.
Most states have a website that provides public data. This as well as local newspapers can provide a plethora of information. It is good for a property manager to know upfront if a potential renter has any outstanding warrants, or if they are being sued for breaking a contractional agreement.
People have a strong tendency to repeat past behaviors, both good and bad. Being aware of these behaviors ahead of time can save a property manager a lot of headache and expense in the long run.
Running a few simple steps upfront is easier than evicting someone later on down the road. It is up to the property manager to get the best tenants possible.
Disclamer: This entry is intended to promote our partner StorageMart and some or all participants received compensation.
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