If you own an investment property, you might find that keeping up on landlord duties can be overwhelming. There are plenty of things that a property management firm can do help keep your property safe, such as advising on day-to-day issues that might pop up. One thing that can alleviate stress is getting the right renter into your homes for rent from day one. Here are three things a property management firm can do to ensure you find the perfect tenant for your rental.
1. Holding Renter Interviews
Property management firms can also interview prospective tenants if you are in a competitive rental market. This might begin with a paper application, after which property management firms can follow up with individuals to see if they are on time, polite, and fit the overall bill for a good tenant. They can then follow up with references just as another layer of precaution. Sometimes a tenant will look great on paper, but as an owner, you have final say. While individuals can be pre-screened, if you would like to meet prospective tenants as well you can do so once they've been vetted.
2. Running Credit Checks
As a landlord, you don't want to be stuck chasing down renters for delinquent rent payouts. This can be avoided from day one with credit checks that will show if any red flags come up for prospective tenants. Having a property management team run this type of check will show to prospective renters that you are serious about your vetting process. Renters will in turn be more apt to be respectful of rental agreements, schedules, and deadlines.
3. Collecting Application Fees and Deposits
A great way to ensure that prospective tenants are serious about signing a lease is to require a small application fee that can cover the cost of a credit check and show good faith. This can be collected by property managers at open houses and viewing appointments. Making sure that the final tenant pays a deposit that is fair is important as well. This might include an additional fee if renters would like to have a dog or cat, as this may cause more wear and tear to your homes for rent.
As a property owner, you may like the idea of helping out someone in need of a rental, but might not like all the logistics behind this. If you can hire on a property manager to handle your property needs, your homes for rent will be safer. Contact a business, such as CJ Real Estate, Inc, for more information.