Tenant screening is critical to finding the right tenant who will care for the property, pay on time, and be a quality tenant for years to come. The tenant screening process should include five critical areas that can help you identify potential disqualifiers when reviewing rental applications:

1. First contact. When someone calls to ask about the vacancy, you want to ask a few pre-screening questions to make sure they are actually interested. Sending them to your website where they can gather more information and go through the pre-screening process can help to weed out some of the people that aren’t truly interested in the unit.
2. Showing the unit. When a person comes to walk through the unit, you want to watch out for some red flags in a face to face meeting. 
3. Application. Everyone who would like to rent the unit needs to fill out the rental application. The application needs to be clear when it comes to background checks, credit report checks, and other requirements. 
4. Approving an applicant. Once someone does fill out the application, the approval process can take a few days or a few weeks. Pulling credit and running background checks are critical to finding a quality tenant. 
5. Singing a lease. The final step is to have the applicant sign a lease. The lease will state the expectations and requirements for renting the unit. Make sure you carefully go through the lease together so there is no confusion in the future. 

Unfortunately fraud has become a serious issue for many property managers. People have been known to fake identities and lie on their application. Background checks causes many people to lie about their history as they may be rejected from applications for criminal records and poor credit. 

Not only do landlords need to do their research when considering an applicant, you need to spend time talking to former landlords. Find out how the person was for their last landlord. The opinion of a previous landlord is invaluable as they could tell you about their rental payment history, their behavior as a tenant, and more. Learning about the background of this individual can help to weed out the costly tenants from obtaining the unit. 

Red Flags of Costly Tenants 

As you put together a rental application and form a tenant screening process, here are some questions to ask that can raise some red flags:

• What is your previous address? (If they refuse to answer, note this as it could mean they are hiding something)
• Do you have any animals?
• How many people will live here?
• What is your gross vs net income? 
• What is your credit score?
• Is your job secure?
• Have you paid rent late in the past?
• Why are you moving?
• When do you plan to move?

Gathering answers to these questions will help you feel out the personality of the tenant, and what type of tenant they will be. Keyrenter Property Management Hampton Roads specializes in providing residential property management services to landlords of single family homes, duplexes, condos, and small multifamily units. Our purpose is to help landlords maximize the return on their investment property while eliminating the stressors associated with being a landlord.

No matter what real estate market you are in, retaining good tenants can be hard. How can property managers focus on finding ways to retain good tenants? Here are some tips you need to follow to make your rental property into the successful investment you need!

Maintenance and Correct Management

Tenants deserve a nice place to live. If the property is worn down and starting to increase the risk of health and safety concerns, you won’t keep tenants for long. Proper maintenance and effective management of the property will increase tenant satisfaction, thereby keeping them as your paying tenant.

Proactive and Responsive

One of the most frustrating things for a landlord is a tenant that pays late. Why do tenants pay late? Sometimes it is due to financial hardships, but other times tenants may pay late as a retaliation against the landlord. If they have reported a problem with the property, and it is not fixed, they often withhold rent. While this is not the best practice or legal method to go about getting the attention of a landlord, it is often necessary when a landlord is not responsive. It is vital to communicate with the tenants. Landlords need to perform drive-by inspections and routine inspections to make sure they are doing all they can to keep the property in good condition.

If a tenant makes a request for a new appliance, or repair, respond quickly. Ignoring messages and emails will upset a tenant, leaving them with the option to start looking for a new place to live. A good, well-paying tenant is not one you want to lose!

Incentives and Renewal Upgrades

Tenants that choose to stay for years deserve to be rewarded for their loyalty. Renewal upgrades and incentives are a great way to excite tenants. Some things you could offer include:

• New lighting fixtures
• New flooring
• Updated exterior
• New appliances
• Repainting walls

Small changes to the property can renew their excitement to live there and makes them feel that the landlord truly does care about their overall well-being. Good tenants are hard to find, so it pays to reward them how you can with good incentives.

Clear Contract and Enforcement

A tenant must know what they are signing when they agree to the lease. Landlords must have a clear contract in writing for the tenants. When you start dealing with the paperwork that goes into tenant management, it’s no wonder why so many people opt to hire a property management company.

Keyrenter Property Management in Hampton Roads provides fair, effective, and experienced property management services. Contact our office to learn how our talented staff can aid in improving tenant retention and improving your bottom line.

Prevention is the best approach to rental property maintenance. Finding and repairing small problems in the beginning can prevent exceedingly expensive costs from occurring. Taking preventative steps can not only help protect your property, but it can also significantly increase the property’s value.

When you have a tenant living on your property, you might want to cut back on the maintenance visits. However, there are several preventative home maintenance steps that you should not skip.

Clean Lint Screens

Allowing lint to build up in your dryer is one of the leading causes of house fires. Not only can this be devastating to your property, but it can also be dangerous for the people who reside there. The dryer’s lint screens must be cleaned out regularly to prevent this from occurring.

Service the Septic System

Toilet emergencies can be extremely damaging, not to mention disgusting. The septic system should be serviced every 5 years. This can prevent many issues from occurring with your plumbing system.

HVAC Maintenance

HVAC filters should be changed every 6-12 months. It is much more effective to completely replace the filters than to clean them regularly. Luckily, filters are fairly inexpensive and replacing them regularly will increase the air quality, lower energy costs, and can help extend the life of your HVAC system.

Gutter Maintenance

Gutter maintenance is extremely important. Though they may seem simple, gutters are the main line of defense against water damage to the foundation of your home. Gutters redirect water runoff to a safe place for your property. Gutters must be cleaned regularly to prevent buildup. Gutters must be inspected regularly to ensure that they are still in good repair.

Prevention is vital in protecting your property from extensive damage. Regular maintenance will help lower the overall repair costs your property will require. To learn more about how to maximize your profits, contact us at Keyrenter in Hampton Roads today!