Owning rental property on the Emerald Coast can be lucrative. But you don't want just anyone taking up residence and turning your investment into a hassle. You need to know that your tenants will treat your rental property with respect, pay rent on time, and adhere to the rules and regulations outlined in their lease agreement.
But how do you tell the good tenants from the bad? You need a streamlined approach to vetting applicants before extending a lease offer.
Read on to learn the five tenant screening strategies that can protect your Emerald Coast, Florida investment!
1. Meet with All Potential Tenants
Face time matters when you're screening applicants. Make a point of conducting an interview with any prospective tenant.
You'll be able to gauge the tenant's communication skills. They don't have to be the most polished or even the friendliest individuals. But you do want to be sure that they understand their obligations and will be respectful of your property as tenants.
2. Do a Tenant Background Check
Rental property management on the Emerald Coast means making sure your tenants won't be a liability. As part of the screening process, conduct background checks.
If doing that feels too tedious, you can outsource the responsibility. A property manager can ensure that background checks, financial vetting, and all other aspects of the application process go off without a hitch. They'll be seasoned pros who can help you avoid long vacancies in your property.
3. Look at References
When it comes to lease agreement tips, a big one is to check references before moving forward. After all, these are individuals who can offer insight into how an applicant behaves.
References could include previous property managers, for instance. They can shed light on the applicant's diligence in paying rent. They'll also be able to tell you if an applicant was respectful toward the property.
Steer clear of applicants with questionable payment records. Similarly, avoid applicants who were cited repeatedly for noise problems or other issues.
4. Check Employment and Income
It's critical to find a tenant capable of paying rent on time on the Emerald Coast. You'll need to look at their employment status to ensure they have an income stream. Ask for pay stubs and calculate income-to-rent ratios.
A renter credit report can paint a clearer picture of an applicant's financial standing, too. You'll see any flagged behavior, such as late payments or debt, that could make you choose another applicant.
5. Be Consistent
Finally, streamline your process and aim for interviewing consistency. Using the same steps and criteria for each potential tenant can make your life easier.
Additionally, when it comes to rental property management, complying with fair housing rules is critical. That means you'll need to standardize your landlord screening process. In other words, don't vary the thoroughness of your process depending on the person.
Prioritize Tenant Screening
The right tenant screening strategy can help you avoid stressful and costly experiences. Be consistent with your interview process and contact a tenant's references. Before making a lease offer, look at employment, income, and credit history.
At Coastal Realty Services, we have 50 years of experience offering the Emerald Coast's best approach to property management. We can help with anything from tenant screening and rent collection to marketing and accounting. Contact us today to learn more!
