Tenant Screening Is Vital For Good Property Management And Keeping Occupancy Rates High

Renting a property can be difficult for both tenants and landlords

. If a property is under-advertised, it might not draw enough qualified candidates to screen and find a good match. Screening tenants can require such things as credit and criminal checks, employment histories, proof of funds for deposits as well as how many people will be living in the home. Sometimes families have to downsize the property they are living in to financially be able to make ends meet in challenged times. Optimally, homes with two bedrooms or less will not be attractive to families with three or more children, but sometimes two bedrooms have to work for single parents living with their children. Even one bedroom apartments have been known to work for some families with children, as a matter of necessity. Discriminating against renters because of their family status is illegal in most states and large cities. It is not illegal for landlords to discriminate against students, pets or poor people. Screening tenants is important to know if they will be able to pay the rent on time and without problems because their income to rent ratio is within acceptable parameters. Renting to tenants where the rent amount is more than half of their monthly income is a recipe for disaster because they will not have enough money to pay their utility bills, buy food or commuting costs for their employment. This is why it is imperative that landlords and renters seek to have no more than one third of earned income go towards rent. If the tenant does not make more than three times the rent amount monthly, the home is not a good fit and they should continue looking.

Renting to two unrelated people as roommates can be against city codes in some locations, but often occurs anyway if the rent is too high for a single income to handle alone. Male and female roommates often will rent together and not have any relationship beyond the financial arrangement for paying the bills in the apartment or house. Property management companies may not be happy with this arrangement, but it can provide stability for the on-time payment of rent and if the couple declares themselves to be a family, there is little the property management company can say about it. Good tenant screening is an important part of property management and a professional company can be much more objective about it than a landlord.

by: Art Gib

POST COMMENT

Time Managements Role In Efficient Exam Preparation Where To Use Hotel Management Courses Singapore Signals Brokers for Smart Money Management How To Avoid Making Rash Promises When You Are Promoted To A Management Role Which One: Iva Or Debt Management Plan? Management Rights For Sale What Is Real-time Driver Management? The Basics Of Out Of Band Management Seven "recipe" about good talent management Neck Pain Management: Diagnosis and Treatment Wealth Management Competition In South Africa Killtest Certified Associate in Project Management (CAPM) Certification PMI-002 Exam Goal Setting Is An Important Part Of Management