Tag Archives: landlord help

Tenant Screening is a Key to Low Vacancy Rates for Rentals

Nicole Lee, a leading property manager with the Ashford Realty Group / Masters Group, a Colorado Springs property management company specializing in investment properties, says finding quality tenants is a key to keeping low vacancy rates for her real estate investor clients.

Online PR News – 27-April-2010 – Colorado Springs, CO – Professional real estate property manager Nicole Lee of the Ashford Realty Group, a company specializing in Colorado Springs property management, says that finding quality tenants is one of the keys to keeping low vacancy rates for her real estate investor clients. She says that while many property managers shortcut the tenant screening process to save time, it invariably ends up costing both the manager and the owner more time and money down the road.

“We would much rather put the hard work into finding good tenants who are interested in taking good care of our properties up front than have to do two or three times the work in the long run by having to fill more vacancies.”

Lee says that there is a culture of cost-cutting among many management firms because most are only interested in the sales side of their business. That leaves the necessary task of screening tenants and keeping a property occupied underprioritized and understaffed.

“We take the long view with our business. We know that investors who place their properties with us do so to keep their investment property producing positive cash flow. That is impossible to do when you have a high vacancy rate due to insufficient tenant screening.”

She says her tenants have been known to go above and beyond the call of duty to leave a property in better condition than they found it.

David Tanaka, President of Rocksolidpower Solutions (http://rocksolidpowersolutions.com), says that the Ashford Group has saved him thousands of dollars on his four Colorado Springs investment properties, in part through excellent tenant screening.

“Ashford Realty Group is not only an expert in their field but they have an expert staff and vendors who can service our Colorado Springs rentals at the most efficient cost. I have been a property owner for over 20 years and I know how hard it is to find a fantastic property manager.”

While other Colorado Springs property management firms focus on simply adding more properties under management to their rolls, Lee says she works hard to cultivate good relationships with experienced investors who will become lifelong real estate clients.

“Building a relationship based on trust with our investors and renters alike is an essential part of our job description. We’ve found that produces rewarding business relationships in the long term.”

Provided by onlinePRnews

Please visit my tenant screening section for tenant screening providers.  As I’ve stated before, I am a Premium Member of the American Apartment Owners Association www.aaoa.com and they provide me with all my tenant screening needs.

Application to Rent – It’s all in the details

When renting to a tenant or renting to multiple tenants its extremely important to have them fill out a rental application.  Rental application form or application to rent form can sometimes be found at your local stationary store like Staples or Office Depot.  You can also obtain the form from a tenant screening company, find my list here.  Apartment Associations or some may call them landlord associations will also provide the necessary landlord forms.  There are local apartment associations and nationwide associations, you can find my lists for them here.

The Application to Rent is one of the most important pieces of information you can gather from a prospective tenant during the tenant screening process.  Any information they provide assists you with your decision to rent as well as helps you recover lost rent should they skip out (more on this later).

Here is some of the information you should be requesting from your prospective tenant or new renter when they apply for your apartment for rent or home for rent:

  • Tenant full name; include first name, middle name, last name, and any AKA’s
  • Tenant address history; ask for 7-10 years of addresses to assist you in their prior living history
  • Date of Birth; You cannot base your decision to rent on a tenant’s date of birth, however, many tenant screening reports will require this piece of information.  It will also help with the debt collection process should you need to search for them later.  Lastly the tenant’s date of birth also assists should a Jr. vs. Sr. issue ever arise.
  • Social Security Number; This is required to obtain a credit report or tenant screening background report.  The tenant’s social security number can also be used for skip tracing should they leave and owe money.  Many tenant screening companies will also provide Social Security Fraud reports, I recommend you obtain one on your prospective tenant.
  • Phone numbers.  Get their home phone, cell phone, work phone (see below), and any other phone number they will provide.  Why are so many tenant phone numbers needed?  There are 2 main reasons: (1) to let them know you want to rent to them and (2) to chase after them if the tenant leaves owing you money!
  • Work history for 7-10 years.  It’s important to know where your prospective new tenant’s income is coming from.  Do they have a job?  Where is the job?  What is the address of the job?  Their boss’s name?  The phone number to the boss?  The title of their job?  Their previous and current salary?  You want to know all of this information to help in determining if the tenant can afford your rent.  A tenant screening report or tenant background check will provide credit and criminal information as well as insight on their debt/credit,, but their current job should still be verified.  Employment information also will assist in the debt collection process should the tenant skip out owing you money!
  • Banking information is also important.  First you’ll need this information to verify the tenant has the money to pay your rent.  You want to know they can write you a check each month!  (and that it will clear!)  Plus, as I stated with other information above, this will help with the debt collection process.
  • Tenant’s Relatives and Non-Relatives.  This information is helpful for the tenant screening process and the debt collection process.  Relatives will help you confirm the type of person your new tenant is, they will also help you locate the tenant when they leave you owing rent.  Non-relatives are also important because friendships change over years.  Your tenant may list someone that, after moving out, they are no longer friends with.  That person may be more than willing to assist you in your debt collection needs.
  • Additional Occupants in the apartment.  Who else is going to reside in the unit?  What is their name?  What is their social security number and date of birth?  How are they related to your prospective tenant?  Depending on the age of the occupant you may want them to sign the rental lease too.  You should perform a tenant screening background check on every occupant over the age of 18 even if they aren’t signing a lease!
  • Pets.  Do they have any pets?  Do you even want to allow pets?  What kind of pets are they?  Age of pet?  Type of pet?  How big (weight) is the pet?  What’s the name of the pet?  You’d be surprised how often the pet “gets out” and how helpful it can be to know its name.  Or if that dog is parking all night because your tenant is gone and you can yell out to the dog.
  • What type of vehicles does the prospective tenant own or lease?  A tenant screening background check will not always show automobiles.  You should obtain the type of car, color, year, make and model.  Always know whose vehicles are parked on your property.  This includes autos for co-tenants/additional occupants.
  • Ask the hard questions!  Ask the tenant on your rental application form if they have ever been evicted from an apartment or home.  Sure many will lie and you’ll discover an eviction on their tenant screening eviction background check, but others may fear the question and not even apply — saving you time, money, and aggravation.
  • Important:  You must have a signed release from the tenant authorizing you to obtain and investigate information on them such as a tenant screening credit report, criminal background check, eviction records, etc.  The law requires this release, so don’t forget it!
  • Always have the tenant print their name and provide a signature and date.  If the application is more than 1 page, its not a bad idea to have them initial or sign the bottom of each page in the corner.

My apartment association provides rental applications for free.  You can also find landlord forms like the application to rent from some tenant screening companies.  Visit my listings to locate an apartment association by state or visit the American Apartment Owners Association, a nationwide landlord association providing larger discounts than local chapters, for the necessary landlord forms.