You might be a landlord who isn’t sure if you want to hire a professional property management company, and you’re considering taking care of your rental property on your own. If that’s the case, there are some things to consider about how you’re going to handle your business. Remember: You don’t know what you don’t know until you know you don’t know it. We’ve all been there.
Applications and Guidelines
Once you get your property ready for the market, and you’re able to advertise it and attract people to see it, you will begin getting applications. Do you know what to do when you get an application? It’s a good idea to have written guidelines in place that explain what makes an ideal or an acceptable tenant, and what doesn’t. This will let people know what kind of qualifications you’re looking for before they apply.
Once you get those applications, you have to screen the potential tenants. When you screen, you need to know how to analyze the data and what to do with it. You’ll want to find out if the tenant has ever been evicted, and you’ll need to follow up on employment. Take a look at criminal background reports and decide if you’re going to be willing to work with tenants who have a criminal past, and whether you’re legally permitted to do so. If so, you’ll need guidelines that explain which offenses are okay and how long ago the criminal activity needs to have happened.
There are a lot of things to think about when you’re managing your own property and screening tenants. If you are on the fence about whether to hire a manager and you need a second opinion, you can talk to us. We have a lot of information we’d be happy to share with you. We can also help you buy a house if you’re looking for an investment opportunity.