Effective applicant screening and tenant retention are crucial for the successful management of residential investment properties. Professional property managers use many different strategies to ensure that they select reliable and responsible tenants who will abide by the terms of the lease agreement, take care of the property, and fulfill their financial obligations.
Getting Ready:
In order to screen applicants and retain tenants, a property manager first needs to focus on attracting them. This requires work on the front end, during vacancy, to ensure that the property is move-in clean, all appliances are in working order, and there are no leaks, pest problems, or other maintenance issues that need resolved prior to marketing. Showing a move-in ready property communicates to applicants that the property manager is focused on providing a clean, quality home environment.
Comprehensive Applicant Screening:
Once a property is ready to be marketed, one of the key strategies for effective applicant screening is conducting thorough background checks. Property managers verify the prospective tenant's rental history, employment history, income, and credit worthiness. This comprehensive screening process helps to identify prospective tenants who are financially stable, have a good track record of paying rent on time, and are likely to be responsible tenants.
While an applicant’s employment history, income, and credit worthiness speak to their ability to afford and pay rent on time, rental history is an important gauge showing how well a potential resident is likely to care for the property. An applicant with a proven track record for leaving a prior residence clean and undamaged is considered an ideal tenant.
Tenant Retention:
Once tenants are selected, property managers employ strategies for tenant retention. This includes maintaining regular communication with tenants, addressing maintenance issues promptly, and providing excellent customer service. Property managers strive to create a positive living experience for tenants, which can lead to long-term tenancies and reduce turnover.
By implementing effective tenant screening and retention strategies, property managers can ensure that a residential investment property is occupied by reliable tenants who will take care of the property and fulfill their lease obligations. This contributes to the overall value and profitability of the real estate asset.
Ready to fill your next vacancy? Let’s talk about how Wilson Management Group’s comprehensive applicant screening process and excellent customer service can help you attract, screen, and retain long-term tenants for the financial success of your rental investment. Call Traci McKinley @ 407-810-7967 or click here to get started!
