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Rental Property Tenant Screening and Selection


[Market] Tenant Screening

MAXIMIZING YOUR PROFIT IS A PARTNERSHIP BETWEEN YOUR PROPERTY MANAGEMENT COMPANY AND YOUR RESIDENT

Every owner, investor and landlord wants the same thing…great residents for their investment. Anyone who has rented a property knows that the single greatest factor determining whether your investment makes or loses money, is the resident, or residents. In essence, bad residents will cost you money, good residents will keep you from losing money, and great residents will help you maximize your profits.

As a boutique Property Management Company, we pride ourselves in the ability to screen, select and build relationships with our residents. By educating the residents of your property on how to best care for it, we create a partnership with them that ensures you have the “great residents” you desire.

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“Monte, please find me the right tenant” - every property owner we service

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5 STEP INVESTMENT PROPERTY TENANT SCREENING PROCESS:

Regardless of whether your rental property is as far south as Buda, in East Austin, or out in Leander, your property management company needs to be able to find the right tenant for your property. Over the years, we have developed a 5 step process to help guarantee that you get the right resident:

Step 1: Pre-Qualify potential applicants (before the application)
Step 2: The Application
Step 3: Comprehensive Tenant Screening Process
Step 4: Resident Orientation at Move-In
Step 5: Resident Education (Property Awareness)

PRE-QUALIFICATION OF YOUR RENTAL PROPERTY APPLICANT:

Because our residents are our partners, and not just a tenant, we ask them simple questions that let us know if we want to work with them. Questions like…

“Have you ever owned or rented a house before?”

“Do you have lawn care equipment?”

“Have you lived in an H.O.A. before?”

Simple questions like these lead to answers that give us a general overview of how a potential resident will care for your rental property, and determine whether to move through the rest of the application process.

Sometimes, owners will inform us that they simply want any occupant in place as soon as possible. But are you really looking for a tenant to move into your property the day after she or he sees it? That's not likely to be the case. Residents like that will be ill-prepared.

We prefer to handle prepared renters. If we get an applicant who approaches us with three, four or 6 weeks of notification, a property owner recommendation, and a structured plan to vacate from their current residence-- that informs us they are responsible, prepared and will be more apt to care for your investment property.

APPLICATION AND COMPREHENSIVE SCREENING OF YOUR NEW TENANT:

We use a standard Texas Association of Realtors application, (TXR-2003), and run the applicant through a comprehensive screening process, above and beyond the industry standards. Application approval is based on the following 12 factors:

  • Bankruptcy Check
  • Credit Check
  • Criminal Check
  • Collections History
  • Employment Verification
  • Eviction Check
  • Income Verification
  • Landlord Verification
  • Pet Verification
  • Pre-qualifications
  • Public Records
  • Sex Offender Check

Our screening process is not just based on a credit score only - we take a comprehensive look at the overall applicant. This process has proven to be extremely successful.

MOVE-IN ORIENTATION AND CONTINUING RESIDENT EDUCATION FOR RENTAL PROPERTY RESIDENTS:

Most people believe that the Tenant Screening Process ends at move-In. For most Property Management Companies that may be true, however, because we consider our residents to be partners, we understand the benefits of working with them throughout the entire length of time they occupy your investment. Before we allow your new residents to take possession of your property, we meet them at your home and provide a complete orientation on how to care for your investment. We explain the “Why’s”, “When’s” and “How’s” so that they understand their responsibilities and exactly how we support them. And because they may be the stewards of your property for years to come, we provide continuing education, accessible to residents via online portals, to limit costs and depreciation over the life of your investment property.

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