As an owner of an investment property, your focus is on keeping your vacancy loss down, so finding a good tenant is your main focus. You want to get your home rented ASAP, so you don’t have to worry about mortgage payments or electricity bills. You may even tell your Property Manager “get it rented...like yesterday." I am here to tell you that no tenant is better than a bad tenant.
You want someone that will take proper care of your property, so trusting your team to market the home and screen the tenants can take a little bit of time. Here at Liz Moore and Associates, we go through a specific process and screen tenants according to our Tenant Selection Criteria, to find the best tenant for your investment property. We want a good tenant too! Someone who will pay the rent on time and practice good upkeep of the property.
Prospective tenants are required to provide several items prior to even be considered for the property.
- Application Fee of $65 per adult (Believe it or not, just the application fee alone can deter some applicants.)
- Photo Identification
- Proof of Income
- Credit Score of over 600
- Employment History
- Rental History
- A copy of orders if the applicants are in the Military
Once the prospective tenant applies, the Property Manager begins the screening process and follows all guidelines both with our criteria as well as all Fair Housing and Equal Housing requirements. If an applicant applies with any contingencies such as pets or special requests, the Property Manager will consult with the owner. Once an application is approved, the lease is drafted, and we move forward to possession.
Once the applicant has been approved, a lease will be offered for signing. With the signed lease, the tenant will be required to pay security deposit and first month's rent. Prior to occupancy, a move in survey will be completed and uploaded for both the owner and tenant to see. This gives us a clear baseline for condition prior to move in so that when the tenant vacates, we can have an apples-to-apples comparison. Additionally, during the tenancy, annual interim inspections are performed.
Tenant requirements during occupancy:
1. Pay rent in a timely manner.
2. Report all maintenance items through the tenant portal. Maintain a current renter's insurance policy. 4. If applicable, keep the grass cut and leaves removed.
You can trust our property management team to find the best tenant for your home!