Finding Good People
There are a lot of things that property managers need to worry about: fulfilling maintenance tickets, securing the property from theft and damage, collecting rent every month, and making sure that you are giving the type of service that would cause movers-out to rate 5-stars on internet reviews.
None of these aspects of rental property management is easy, but they are made significantly more palatable when you have found the good people to move into your apartments.
The question, then, is how do we find those people? And what do they even look like? By honing in on your tenant screening process, you will be able to not only weed out potential troublemakers but will create an environment that is positive overall for all of your tenants, present and future.
At Rhino Property Management, we have performed this process thousands of times and have been able to pair the right people with the right landlords for decades.
The Process
It’s important to remember that this process isn’t a one-way street, simply meant to help you find good tenants only; the tenant screening process also gives potential renters a chance to judge you and the property as being a good fit for them, too. With that in mind, the following steps are a good way at ensuring that everyone knows their rights and what’s expected of them.
Background Checks
As with hiring a new employee for a job, performing a background check on potential new tenants is wise. This will help you know a few important details, like whether or not you can expect regular rent payments or whether there’s a criminal history that might be relevant to the safety of your property or the other renters.
There are a number of laws that protect the individual’s right to privacy that must be abided by when performing these background checks, but if observed, you’ll be able to make an informed, legal decision on the tenant based on what’s best for you and your property. A comprehensive background check will include:
- A credit check: A good indicator of whether or not they pay their bills on time.
- Verifying proof of income: This is to make sure that they have a stable job that provides a stable income. Some jobs, like those in the arts, are subject to many factors that might be a hard sell for some landlords.
- Previous rental history: Have they been bouncing from apartment to apartment every few months, or are they more prone to spending a long time at a property? Are they downgrading from a house to an apartment? If so, why?
- Eviction reports: This is a good time to check on how their relationship was with other rental property management companies. If they have a history of belligerence, there will be records of that.
- Criminal history: Not all those with a criminal record are still criminals, but it’s important to know if there are patterns that should be watched out for and if there’s a history of violence.
- Tenant references/recommendations: Other landlords might have a kind word to say about these tenants. We are looking for the good things as much as the bad things.
Each piece of information helps to fill in the picture of whether or not this tenant will be a good fit for your property. If you have any questions about how Rhino can help with your rental property management, feel free to contact us today.