For someone new to real estate investing, the process of finding a renter seems fairly straight-forward. Advertise the property, find someone who is interested, take their money, and hand them the keys. Many landlords operate in this fashion, but have constant problems with tenants. Proper screening techniques are essential to a successful investment property venture.
When a property owner fails to properly screen tenants, he sets himself up for a lot of surprises, and not the kind that are fun. A landlord who doesn’t investigate may find out too late that his renters have bad credit, a job that doesn’t pay enough to cover the rent, or a history of being irresponsible. Unfortunately this type of oversight can result in late rents, mistreatment of property, general disrespect, and possibly having to go through the eviction process.
A tenant screening process can make the difference between smooth sailing and a nightmare in a rental property. It is important to find out a prospective renter’s employment status and get references from previous landlords. Criminal and credit checks will also provide a lot of helpful information regarding the character and responsibility of the renter.
Going through all these steps is a little overwhelming, but a property management company can make the process simple and quick. In the Denver area, Legacy Properties-PM has years of experience in finding quality renters, and we use all the information we acquire to assign each applicant a score. This is essential in finding a tenant who will be responsible, pay the rent on time, and take care of the property.
When you have a vacancy in your rental property, don’t make the mistake of letting just anybody take up residence. Take the time to do a thorough check on applicants, and if you’re in the Denver area, call 720.989.1996 or contact us. Not only will we find you the best tenant, but we provide other services including collecting rent and dealing with maintenance issues that will make your life easier.