It takes finding the right
tenant to get the most out of your apartment rental business. An efficient and
thorough tenant screening ensures that you get only the most qualified
applicants, while sparing you from having to waste your time negotiating and
touring, and dealing with cancelled agreements. Here are 3 tenant screening
tips to keep in mind.
Know the law. A lawsuit for tenant discrimination is
the worst thing that could happen during the screening process. Be guided by the
law about what you can’t discriminate against (e.g. gender preference,
disability, marital status etc.) and remember them when creating your rental
ads or answering inquiries through the phone.
1.
Be specific with your house
rules.
Restrictions should be clearly indicated in your ads. If your apartment is only
for non-smokers, for people with a limited number of cars, or with zero
eviction history, spell them out on your postings, lest you sound
discriminatory when you reject an applicant for such reasons.
2.
Get help. If you own quite a number of
units and you’re in need to fill vacancies for a continuous income stream,
apartment property management companies can lend you some assistance.
Managing a business does not
necessarily mean you need to lose time for yourself and your loved ones. After
all, good management is all about efficiency. With a property manager minding
some of your affairs, you can focus, instead on growing your assets, while maintaining
a work-life balance.
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