Tenant screening for beginning property managers

Economic and housing market conditions create an environment in which it's more beneficial to rent a unit rather than buy a home, Fox Business News reports. With an influx of new property managers in circulation, individuals may want to look at a brief summary of best practices regarding renting out to tenants. Before accepting an applicant, conduct a background screening on the individual(s) to assure they haven't recently been involved in any criminal activity. It is up to the property manager whether they want to accept convicted criminals, but they should be prepared for any consequences that may come along with that, such as failure to pay rent or unexpected and unmentioned absence from the residence. Additionally, the property manager can choose to run a credit check on the tenant, but this must be approved through a signed waiver from the tenant. Once the property manager views the applicant as an acceptable tenant, they can start the leasing process. To begin, acquire a leasing document, many of which can be found online. Make sure that you've outlined specifics of the lease, such as the deposit. If the tenant is living within the same apartment complex as the property manager, there should be outlined guidelines explaining when someone is responsible for duties, such as dish cleaning. "A tenant should know details about everything - even how much food they can put in the refrigerator," Robert Kaye, managing partner of housing services agency Kaye and Bender, told Fox Business News." They need to know what is expected from them, and the periodic requirements of chores. These things can really be a problem when they pile up and can become a much bigger issue. If they aren’t addressed they can boil over and the whole house can be fighting." The more information a property manager knows about their applicants, the better chances they will have reliable tenants. As the economy continues on its fragile track, more people are renting and new property managers need to follow a rental process that protects their asset and the neighborhood around them, and this can be accomplished through background screening, credit checks and detailed leasing processes.