Tenant Screening Tips for your Residential Property

You’ve heard the old adage that when it comes to real estate: it’s all about location, location, location. Well, when it comes to property management it is all about tenants, tenants, tenants. In other words, selecting the right tenants is probably the most important part of property management there is. You want to make sure that the tenants are a right fit for your property and vice versa. But doing so is not always easy. Tenants who you would just as soon not inhabit your properties sometimes end up doing so. So, while the list below is by no means complete, it should get you started.
Understand the laws: You will naturally want to make sure that you abide by all federal and state laws that cover tenants and landlords. Be sure to familiarize yourself with the Fair Housing Act so that you do not commit illegal discrimination against qualified tenants. You cannot, for example, base your decision to rent on race, religion, national origin, gender, age or family status. Finally, be sure to consult with an attorney or with the US Department of Housing and Urban Development if you have any questions in this regard.
Have a set of written criteria that every applicant must meet: These items should include income requirements, credit range, and verifiable references.
Know where to advertise: Avoid sites like Craigslist and similar sites. These kinds of sites are frequented by scammer and schemers. Make an investment in sites like rentals.com, rentalhomesplus.com, Zillow, Trulia, etc. That nominal monetary investment could pay off in the end.
Ask questions: Ask screening questions of all your prospective tenants such as: Why are you moving? Will you agree to a background check? Have you ever been evicted? Can you pay the first month’s rent and full security deposit on or before your move-in day, etc? Finally, be clear and fair when you question prospective tenants.
Do background checks: Use a reliable company to determine whether or not an applicant is employed where they say they are what their credit history is and whether or not they have a criminal record or eviction. tenant screening
In short, have high standards when seeking out new tenants. This will help you to protect your property and ensure that your tenants will enjoy their new residence. For tenant management in the inner loop of Houston we can help you make smart decisions regarding your property. Our rental management in the inner loop has many services that will also save you time and potentially money.