We often hear from rental providers (landlords) that have had negative experiences with their property managers. One area that is commonly expressed as an area of improvement when we are exploring taking over a rental property from another managing agent is the RENTAL APPLICATIONS. Rental providers tell stories of property managers leasing properties to their unqualified “friends” in a timeframe that suits the friend not the rental provider along with renters being put into a property without the rental provider hearing anything about who they are, what their rental records show or what their financial capacity to pay rent is.
Selecting the right tenant for your property is crucial.
Best practice leasing would look similar to the following
- Property manager facilitates inspection and collects applications
- Property manager reviews reference checks, current employment status along with various other background checks
- Property manager provides information to the rental provider for review
- Property manager and rental provider work in a timely manner to offer the property to the candidate with the least amount of risk
- Final selection of renter is given by rental provider
Areas of consideration when selecting a renter may include number of people living in property, capacity to pay the rent, previous rental history, and references. Your property managers role is to provide you with all the information so you can make an informed decision. Only in select cases when the rental provider is in absentee or not available should the property manager be making the final decision on renters. If you would like more information about how the best select a suitable renter without dramatically increasing the risk of your property not being looked after OR the rent not being paid, feel free to reach out to the team for a more comprehensive discussion on 5292 8084.