Over 2,183,000 housing units are renter-occupied in New York. However, not all landlords have an easy process with tenants, which is why tenant screening is essential for your property. So, what do you need to know about this process?
Quality tenants are critical to the long-term success and profitability of your rental property Tenant screening is a process that can help you find the best tenants for your property. In high-demand rental areas such as Wantagh, NY, efficient tenant screening processes are critical for efficient property management.
Here are three things you should know about the tenant screening process.
1. Include Prequalification
There are different ways to approach the tenant screening process; however, prequalification can help you receive applications from your target market from the beginning.
Consider what requirements you have for your property, such as minimum income, pets, and whether smoking is allowed. It is important to understand Federal Fair Housing laws to avoid prequalification and tenant screening violations.
2. A Formal Tenant Screening
Tenant screening involves checking tenant information. You should verify their identity and application information. Critical areas to consider with tenant screening include:
- Credit profile
- Social security verification
- Rental history information
- Criminal history
- Sex offender registries
- Employment verification
These are some of the details your tenant screening should cover. Checking these details can help reduce the risk of issues with tenants at a later date. You want to ensure they can afford the rent, are respectful of the space, and are safe to rent your property.
Looking at factors such as credit history and eviction history can give you insight into their financial situation. Without checking these details, you cannot guarantee tenants have provided the correct information.
3. Interview Potential Tenants
As part of your tenant screening, speaking to tenants directly is important. You can create an application form with written answers as part of your initial screening. Once you narrow down your search, you can then decide who to interview.
These interviews can be done in person, online, or on the phone. They are the perfect way to get to know tenants better and see if you 'click' with them. Be sure to go over any queries regarding screening or their application.
Having questions and an agenda to help structure the meeting is helpful. Usually, these meetings can help reveal how well a tenant communicates and respects the renter-landlord relationship. A property management company in Wantagh, NY, can assist you with this process.
Property Management Company, Wantagh, NY
Now you know more about the tenant screening process and its importance. It can feel overwhelming to go through this alone, especially if you manage multiple properties or have other commitments. Instead, consider the assistance of a property manager who can oversee the tenant screening process with ease.
Property management companies have the technology, expertise, and training to conduct thorough tenant screening processes. PMI Empire Solutions offers tenant screening and other property management services in the Wantagh area. Schedule a consult with one of our property managers to learn more about how we can help you.
