Landlord Time Management Techniques for the Tenant Screening Process
In an ideal world, all your potential tenants are highly qualified for your properties. In reality, especially with the modern economy, you run into unqualified tenants who end up costing you time and money. Time management techniques are essential whether you want to turn into a full-time landlord, or if you're doing it on the side to diversify your income. You have a few ways to save time during the tenant screening process by creating a barrier to entry to see your property, weeding out applicants before showing, and using third-party services to do the heavy screening lifting.
Screening Before Showing the Property
You save the most time when you remove applicants from the potential tenant pool before you spend time showing them around the property. You have a few options to thin out the list of tenants before you get to the point of meeting them in person. One of the biggest ways to cut down on the amount of time wasted is by introducing an application fee into the process. Even if it's refunded or added towards first month's rent or a security deposit, the reality of an upfront payment is enough to cut down on casual viewers. You encourage your potential tenants to put their money where their mouth is.
Another way to help in the early tenant screening process is by being upfront with what you look for when it comes to background and credit reports. If you only want applicants who have stellar credit, state that upfront so you don't go through the time and trouble of showing your property to people with credit problems. Handle criminal backgrounds in the same manner. If you're willing to work with specific credit problems or criminal background problems, explain these considerations in your property listing.
Screening Before the Lease is Signed
You found tenants who pass your criteria to see your property, but that doesn't mean you let up on the screening process. The application yields useful information for this process, such as the tenant's income and other important details. However, going through credit checks, background checks, public record searches, and other valuable screening tools takes a significant amount of time.
One of the best ways to save time during the screening process is to use a third-party tenant screening service. Some services allow you to choose exactly what kind of tenant screening you want, so you only pay for the level of service you need. Basic tenant screening includes background checks and credit checks. Additional screening includes looking through past address history, eviction records, employment history, and even known aliases. The third-party company provides you with a report so you make your own decision about whether the tenant is suitable for renting your properties or not. Since you aren't doing the research yourself, you cut out a great deal of time in the screening service. It tends to provide a greater return on investment when you factor in the time savings, as well. Evictions can cost thousands of dollars down the road, so it's important to manage your screening time wisely.
Your time is valuable, and you don't want to spend more time than you need in handling tenant screening. These tenant screening techniques free up your time to work on acquiring more properties, working with your existing tenants, and enjoying more free time to relax.
Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More
Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More
When it comes to being a landlord, one should know that it is not for the unprepared individual. This should be clear that being a landlord does not simply mean that you will be taking the rent and... More
Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More
If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More
Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More
Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More