Do you have a less than favorable tenant in your Auburn rental property? Where did the screening go wrong?
One of the secrets to running a successful rental property, whether it is commercial or residential, is to place excellent tenants. However, if you are self-managing the property perhaps you do not have the tools to properly screen a tenant. Or, maybe you just don't have the time and you go off of instinct or personality. The negative results can be devastating if not handled correctly at the start.
By hiring a knowledgeable and reputable Auburn property management company that has the tools and experience to place quality tenants, your rental property can be more successful.
The difficult part of self-managing a rental property is that emotions can hinder your ability to think and process effectively. You have more of a tendency to lean towards people that you connect with on an emotional level rather than viewing the process as a business transaction. Taking the emotional connection out of the rental screening process and evaluating the applicants for the proper screening criteria will more likely guarantee a successful rental property.
"Taking the emotional connection out of the rental screening process and evaluating the applicants for the proper screening criteria will more likely guarantee a successful rental property."
Do you know the signs of a great tenant? We have narrowed it down to 5 Signs that an Applicant will Be A Good Tenant for your Auburn Rental Property
A rental investment property should be treated like a business. If you handle it with a business mindset, you will be more successful. Follow the 5 tips below when screening an applicant for your Auburn Rental Property:
- Do they show up to the initial viewing of the property on-time? Do they submit an application in a timely manner following the viewing?
- Is their application complete? If not, do they follow up promptly with the needed documentation?
- Is their income verification legitimate? In other words, have they provide a pay stub, tax return or a signed letter from their employer stating their income?
- Do they have 3-5 years of excellent rental history? Preferably, no more than two landlord within this time span. Frequent moves without a reasonable explanation could be a bad sign.
- Is their credit history positive? Don't take the score into account, look at the history and make sure there are no past due accounts, late payment history, collection accounts, or bankruptcies. No credit is better than bad credit.
If you diligently cover these screening criteria and tips during the application process, you will likely find a good tenant for your Auburn rental property. Barrett Property Management, Inc. has a proven track record of successfully placing quality tenants in the rental properties they mange. If you need help, please email or call Barrett Property Management to discuss your needs and how you can be successful in any real estate market cycle. Real estate is a long-term investment that, if property cared for, can bring great success and wealth to your portfolio.
