There a lot of facets to effectively and successfully managing a property rental in Houston. A property management team with the right qualifications and experience is able to carry out all the tasks required of them to make sure they bring in more profit to the owners of the rental properties. There’s no one way to do this, but the first step includes effective marketing and the ability to attract the right occupants. Once people are drawn in to the property and its available units, it’s time to carefully select those that seem reliable and qualified to claim residency.
By having a thorough and well-organized screening system in place, you can better recognize trustworthy, dependable tenants. A property manager usually has a reliable system they’re familiar with administering upon the obvious interest of a possible occupant.
An Explanation of the Step by Step Process Used to Screen Potential Tenants
The screening process in place at your rental property is dependent on who is caring for the leasing of vacant units and all related legalities involved with the application process. Most property managers will use the same method to pinpoint qualified tenants.
Step One
Effective marketing and advertising are especially important. You must attract the audience you wish to have residing in the rental units. Use reliable real estate agencies to post your listings online and place ads in local print publications. Try not to advertise in areas that aren’t comparable to where you rental property is located. Hold open houses and private showings to get a better feel of the people interested in residency before they apply but always remain open to their submission of an application. There is more to the screening process.
Step Two
Have an easy to fill-out, yet well-organized paper application ready for all people interested in renting a unit. Make sure that the application requires their personal information, references, previous addresses, accurate contact information, and their current place of employment. There should be enough room for applicants to fill out the form clearly. You want to make sure that they complete the entire form and provide phone numbers to any references or places of employment. Along with their submission of the application, collect a small application fee. Their willingness to pay the fee proves they’re interested in renting and not just shopping around for rentals all over Houston.
Step Three
Gather copies of the applicants license, photo ID, utility bills for their current place of residency, and any other proof that you may require as a property manager. Make copies of all documentation and give the originals back to their owner immediately. You will need certain information that is provided on the requested documentation that is used later in the screening process or upon approval of the application.
Step Four
With the information gathered about the interested renters, perform a credit check and pull up a criminal background. Make sure that they have a decent credit score or one that meets the requirements of your rental property’s regulations. Also pay attention to their criminal history. Do they have felonies or any open cases in court? Do they have previous evictions? Can you trust them to be undisruptive to other tenants and to pay rent on time every month after viewing their credit and criminal history?
Step Five
When you decide to accept an application submitted, call the applicant in for a meeting. During this meeting, take the future tenant on a walkthrough of their soon-to-be home, including their unit, the grounds and any special amenities they may be interested in. Have them fill out a report sheet if they see any damages to their unit as they look it over again. This sheet will be included with the lease agreement as precaution for property management and the tenants. Once a walkthrough is completed, go over the regulations and information given in the lease agreement for the Texas property. Make sure they fully understand everything included in the document before allowing them to sign it. The lease document is a binding agreement and it should be treated seriously if you wish to avoid potential issues in the future.
Let a Property Manager with Experience Handle the Screening Process
Although most Houston rental property owners hire a full-time property manager or management team to handle all the duties necessary to run a successful rental community, some will hire property management strictly for the leasing and screening process. The screening process for a rental property should never get overlooked. It is the one surefire way to avoid disruptive tenants and assure your property’s potential for profit through longstanding tenants capable of paying their rent every month. Contact Katy Property Management at 281.398.9844 to inquire about the services provided by our property managers and how they effectively screen potential occupants.