There is an abundance of screening techniques out there these days that enable communities to thrive by locating good strong tenants. There are four steps to follow which will ensure the retention of a good tenant.
The primary factors to acknowledge when a unit becomes available are your advertising techniques and internet presence. By putting time and effort into advertising your property you will attract good prospects who appreciate your hard work. Put up visually appealing and clear pictures of the amenities that your unit has to offer. Make sure your website content is tailored to your specific property so it’s apparent that you didn’t just take it from some other advertisement and that this property is unique. The more frequently your property’s advertisement appears, the more reason they’ll have to go back and click through it.
The next step is to determine your preferred screening method. These days it is required by law that your screening abides by Fair Housing Guidelines. Make sure you know what you can and cannot base your screening on according to Fair Housing Laws. Be overly thorough in your questioning and make sure that their response is just as thorough in return. When creating a company rental application and/or choosing a 3rd party screening company, your policies and criteria need to be carefully investigated and tailored according to what your company has to offer. Your screening process should address your requirement for tenancy such as past rental history, ability to pay, criminal history and credit history.
The third step is making the decision. This is where an analogy of high school dating versus long-term dating can be taken into account. The community manager might feel desperate in the middle of the winter when they get their hopes up on the first prospect that appears. They want to just rent the unit to get it over with and be able to start collecting rent, but do you want to rush into this decision with a prospect who you may spend the rest of their tenant life cycle with? It’s worth the wait and there are plenty of fish in the sea. Pleasing owners by providing monthly rent from tenants is definitely important; however as a property management company the number one thing we promise to provide is a secure investment to our owners. What kind of an investment is a long term bad tenant who we’re constantly trying to evict?
The last step of the process after move-in is to maintain a professional relationship with your new resident. A good value to live by is under promising and over delivering. If it’s the other way around, you can only expect things to go downhill. If the tenant knows what to expect and is occasionally surprised by good deeds and incentives through your company, their perspective of their landlord can only improve and encourage retention.
Ultimately, by utilizing a screening method which incorporates creativity in your ads and encourages equality and safety at your property, you will succeed in finding good tenants. Implement these steps into your screening process and your residents, staff and prospects will benefit greatly in return.