Thinking about hiring a property management firm? If you live San Diego, property management firm companies are everywhere, but finding the right firm and tenant is important. Use these top tips from successful firms who know what to look for to help you with your property management needs:
The Tenant Screening Process
It’s not just about who has the deposit and first month’s rent. To begin with, your property management company will have a thorough screening process. Not only are they looking for good credit, but they have several key factors to help decide which tenants will be the best fit for your property. Whether you are looking for someone for a condo, co-op, private home or apartment, these tips can help:
- Reliable tenants have a consistent rent history year after year and pay on time
- Long term tenants also have a good credit report with no red flags like judgments
- Tenants that are screened thoroughly ahead of time for savings and rent history will consistently make payments even if they have a job loss or change in jobs
In choosing a property management company, they will be well versed in how to complete thorough background checks, they will run the appropriate print and online ads and go through all fees, deposits and bill payments that the tenant needs to know about thereby ensuring they make the rent rolls each month consistently.
When your property management company looks at various factors such as debt to income ratios, this can help you to find tenants that can afford to be in the property long term. Ask about any savings or retirement money that the person has as a back up to help ensure that they have enough for themselves. This is included in the rental application and can help with screenings.
Avoid Legal Red Flags
Experienced property management companies will look for different types of red flags that may come up. This can help to minimize any headaches in the future. Property management companies want to ensure the properties are kept safe for tenants. They also cannot discriminate against future tenants as each state has fair housing laws that they must adhere to. Property management firms can:
- Ensure they don’t run print and online ads that will not discriminate against tenants
- Confirm the buildings are safe and have hazard signs for wet floors, or signs up if the elevator is shut down for repairs.
- They can also ensure ramps are always accessible for tenants with disabilities
When a property management firm does all it can to obey the fair housing laws, this makes it safer for all tenants to enjoy the property and use it safely. No one wants a legal matter over a sign that wasn’t put up about a wet floor, or a driveway that wasn’t cleared in a storm. Take the time to avoid any areas that can lead to injuries.
Running the Right Ads
There’s a balance to finding the right tenants. Your property management firm will try to get the most qualified applicants into the property and help to keep them there. When marketing to potential clients, try to show the property’s best assets, the mature landscaping, convenience to nearby stores and so forth. This can raise the chance of potential tenants applying, thereby increasing the number of applications for review.
By keeping the property safe and helping tenants enjoy their time there; this can minimize turnovers and help to ensure a positive return on investment for owners for a long time to come!