Poorly vetted tenants cause the most problems and property management companies that don’t have stringent checks in place leave their landlords vulnerable.
Whilst there is no guarantee that we can always get this right, having thorough, established systems and procedures in place is critical so that the best tenants are selected and the risk to landlords is minimized. The desired outcome is to find tenants who are good payers, treat the property well and notify us when any maintenance issues arise so that they can be attended to in a timely manner.
At one end of the spectrum we need to filter out those with a history of being problem tenants or involved in illegal activities, but equally important is to look for tenants who have stable employment, a strong tie to the area and are committed to remaining in the property long term (if that ties in with the landlord’s wishes).
It is important to consider ALL adult occupants, NOT JUST the person on the tenancy agreement.
So how do we ensure that we get good tenants for our landlords? The process can be broken down in to FOUR key areas as follows:
Initial Enquiry & Application
Gathering of information on the applicant so that we can then go on to verify these details:
- Identification Information
- Employment Details
- Landlord References
- Character Referees
The Rent Shop Nelson aims to match the best tenants for your rental property. This is more than just a matter of good versus bad. It’s about assessing prospective tenants under a number of criteria, including historical data, financial position, stability of life conditions and other potential risk factors.
Every tenant is different, with their own set of circumstances. With full disclosure of any potential stumbling blocks, we can make a better judgement of a tenant’s overall character and stability.
If during the application process, other flags are raised, like an attempt to hide an important piece of information or providing a false referee, this is usually a sign of things not being right. Sometimes it is about looking at all the factors involved and weighing up the pros and cons. If we have doubts, then we will not take the risk.
In addition to verifying the basic information provided in the application, The Rent Shop Nelson will also complete additional thorough checks and would be happy to talk to you more about what these involve.
For each rental agreement, the sign off for a successful applicant is approved by both the property manager and a senior manager. This is beneficial as a second person looking at the application can ask questions and delve deeper, thereby presenting a second opinion.
From the minute that our property managers first interact with an applicant they are looking for signs to show us if they will make a good or bad tenant. In the majority of instances, our property managers will get the opportunity to meet with applicants when they view properties.
This is an important part of the process as it gives our property managers the chance to build an initial rapport and relationship with applicants. Amongst the things that they are looking for are the way people interact, the language they use, their appearance and body language, etc.
It is also an excellent opportunity to have a more general conversation with applicants to find out more about their family and circumstances. Experience pays dividends here.
Ongoing Landlord/Tenant Relationship
Whilst following stringent vetting processes for all applicants should reduce the risk of poor quality tenants, the responsibility of the property manager/landlord does not stop there.
It is important to ensure that the ongoing management of a tenancy is carried out in a professional, ethical manner. It is sadly common to come across stories of property manager’s not treating tenants with the respect that they deserve.
At The Rent Shop Nelson we are committed to building a good working relationship with our tenants, so that they respond well to our requests and feel confident in reporting any maintenance issues to us, so that they can be dealt with.
A landlord also has a responsibility here to complete maintenance where necessary in a timely manner.
The property manager also has a responsibility not to overprice the rental listing. If a property remains vacant for an extended period, there is more pressure to secure any tenant, rather than the best tenant.
Our job as letting agent is to secure the best quality tenants for your property, in the shortest time, at a fair market rent and we remain committed to this with our comprehensive systems and processes.
For more information about our tenant vetting process and property management services, please contact our Business Development Manager – Julian Kett on 022 639 2620 or email at firstname.lastname@example.org