If you talk to property investors, one question they invariably end up asking is when does tenant screening start? A property manager knows that tenant screening is underway as soon as he receives a query from a prospective tenant. He initiates a process in which such an interested individual receives several mails and text messages before he actually turns up to have a look at the property. So, in a sense, tenant screening has started with the first email that is sent in response to a query from an individual.
The property manager cleverly sends articles and videos in his emails to let the individual know about him. He tells how his property management company is different from other companies. The articles contained in these emails clearly mention the habits, traits, and documents that are required for a tenant to be allowed to live inside the property. This is how the individual is prepared so that he turns up knowing what is expected of him at the time of meeting with the property manager. Thus tenant screening is in a way on with the help of these emails as they tell prospective tenants what is expected of them. They also learn what will not be acceptable to the property manager at all.
The next step in tenant screening is also automatic. It comes in the shape of an email that tells the client to visit a link and fix an appointment. This link shares information about the property as well. However, the prospect is required to give answers to a set of questions even before he can visit this link. These questions pertain to income, smoking and drinking habits, pets, and other likes and dislikes. It is a kind of survey that seems harmless but proves invaluable to the property manager in his tenant screening process. No appointment can be fixed without answering this set of questions.
As the prospect takes time to pay a visit to the link, he is kept engaged with the help of a series of emails where his queries regarding qualification are answered. He is requested to pay a visit to a website of the company where one page is devoted to tenant qualifications alone. This page talks about minimum age and credit score restrictions. It also has lots of other information. The information provided by the prospect is collected and it is analyzed when he makes an application for tenancy.
The process of application is online where the prospect goes to the website of the property management company to fill up the form. He also pays the fee online. When he shows up for an appointment, he is asked to submit his documents. It is now that the background check of the individual is carried out. The details provided by the prospect are verified and then he is given a score on a point system devised by the company. He is eligible for tenancy if he gets a certain minimum score. If he scores poorly, the company can ask for a higher deposit to safeguard the property of the client.
The main objective of a property management company is to secure the property of the landlord. This is why tenant screening process is initiated at a very early stage. The reason why lot of details is required is because the company wishes to make an informed decision. It is the duty of a property management company to maximize ROI for the landlord by reducing maintenance expense. Property manager also ensures that only good quality tenants who pay rent on time and live in the property for a long duration are allowed with the help of a rigorous tenant screening process.
If you’d like to talk more about the value of inspections, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
