One of the most important tasks you can do as a property owner or manager is to screen tenants applying for residency in your building. As we know, the key to make your rental property profitable is with the help of quality tenants who you can trust to take care of the property.
Our team of certified property managers has curated the following recommendations to help save you time and improve your processing system.
Before jumping straight into arranging a potential showing, it is best to first distill the applicants with a series of questions designed to determine if they meet your quality standards.
Discuss Minimum Qualifying Standards
Discussing topics pertaining to your personal qualifying standards can oftentimes feel forced or uncomfortable. It is important when discussing these details with potential tenants you are able to maintain an engaged and professional approach that can casually weave these types of subjects into the conversation.
For example, the types of qualifying standards you may be looking at could be pertaining to credit score, income-to-rent ratios, or strong references.
Rather than abruptly asking for the tenant's salary, clarify the month-to-month costs for rent and inquire if this is an expense they are comfortable budgeting around. Oftentimes you will be able to gauge the success of their tenancy based on their confidence in responding to questions phrased in this way.
Discuss Property Details
Just because you list details pertaining to your property in an online advertisement or on your website doesn’t always guarantee that potential tenants inquiring have actually read every detail.
It is always good practice to clarify simple things such as the location that may not always be at the forefront of people's minds when they find a good deal. For example, A tenant may be looking for a commercial space for their hair salon but your property is located in an industrial park 45 minutes from local communities.
You will want to make sure the inquiring tenant is fully aware and informed that your property can accommodate their needs perfectly.
Arrange a Showing
Once you have determined the quality and eligibility of your prospective tenant using the methods above, only then should you move forward with arranging a showing.
Showing a commercial or residential space can often be time-consuming and sporadic, so we advise making a day of it hosting as many showings as possible on the same day. This will limit any unnecessary travel and maximize your time efficiency.
At the end of the day, your time is the difference between your commercial or residential space being profitable or not.
In case all of this day-to-day property management and tenant approval processes are too much for you our team of certified property managers is here to help take the burden from you.
Click the link below to learn more about what offers we have for commercial or residential property owners.