At Chesapeake Property Management, we know our landlords usually have two major concerns when it comes to renting out their properties to prospective tenants:
- They are afraid the tenant won’t pay the rent on time (or ever.)
- They are also afraid that the tenant is going to trash their home.
We are able to substantially minimize the risk of those two things happening by having a thorough screening process of prospective tenants, focusing on tenant education prior to the beginning of a lease term, and respecting the tenant. After being in business for 20 + years, we know what works best!
Vetting and Screening of Tenants
We have a thorough tenant screening process that each prospective adult tenant must complete. The online application that we use involves a series of questions that gives us an outline of the applicants’ rental and work history and asks them to provide us with important information, like their proof of income. A credit check is completed during the screening process that not only pulls the applicants’ credit score, but their credit history as well. When tenants have substantial verifiable income, a long term job, and great credit that typically means they are responsible and will pay rent and take care of your home. We know every applicant has a story, but as a business our main goal is to protect our landlords’ properties and reduce their risk. That is why we have a detailed rental application that gathers this particular information to ensure they are getting the most qualified tenants to rent their property.
Educating the Tenants
Many tenants that have never lived in an individually owned home before. Some may have never lived in a property that requires them to be responsible for some of the items we ask our tenants to handle during the lease term. Whatever the case may be, that is why we spend the time educating tenants on their lease responsibilities prior to occupancy. Our office manager takes the time to answer any questions tenants may have about their lease to ensure they are aware of what they are responsible for. This time spent upfront helps keep the tenants accountable.
But that isn’t all we do! Our property managers also meet with the tenants prior to the lease beginning and show them how to maintain maintenance items specific to that property. These items can include replacing the HVAC filter and shutting off the main water valves in case of a leak. The property managers also review how to submit maintenance requests for the property. When we take the time to educate tenants, we are empowering them with the knowledge to maintain the property properly and to adhere to the lease terms.
Respecting the Tenant
Respecting the tenant is very important in minimizing your risk as a landlord. Many tenants dislike their property management companies because they feel as if they don’t handle repairs efficiently or don’t respond to them in a timely manner. They may not maintain the home as well as they should because they feel like the management company does not care about their well-being. We know by handling repairs quickly and correctly, tenants are more likely to report other maintenance items in the home, which helps ensure that they are maintaining the property.
It’s not in your best interest as a landlord to have an unhappy tenant in your property. If respect the tenant, the tenant will respect the property and the lease terms.
By having a thorough vetting process, educating the tenants, and treating them with respect, we find that it’s a win/win situation for all parties. These are the things that substantially reduce the risk of having a tenant who doesn’t pay rent or is willing to damage your home.
If you want to learn more about how Chesapeake Property Management can preserve and protect your rental property, please contact us.