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|All landlords want good tenants. One of the biggest costs in the
landlord business is the amount of time necessary to get the property
ready, advertise the rental property, arrange showings of the property,
and screen applicants. Selecting good tenants usually offsets a part of
those costs. A few extra days of vacancy is less costly than a hasty
decision based upon emotions or inadequate screening. In the extreme,
failing to select a good tenant can cost much more than all costs of
the vacancy put together.
An ounce of prevention is worth a pound of cure. An adequate application form, adequate screening procedures, thorough analysis, and objective selection criteria will minimize the need to evict a tenant or pursue collections in court. Adequate written procedures for screening and selection along with adequate record keeping will help minimize complaints of discrimination.
The key to minimizing tenant problems is to recognize the importance of tenant screening and selection as the strategic elements in effective property management.
The tenant screening procedures involve obtaining the information and verifications required for qualification and selection of applicants.
The tenant selection procedures involves analyzing the information obtained from screening and provides a way to decide if an applicant is qualified to be your tenant under your objective criteria.
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