Understanding how to screen for great tenants is going to help you be more successful as a landlord. As we have told you before, property management in Maryland is not a licensed or regulated industry, so there’s a wide range of systems that companies use to process tenant applications. You need to find out how each property management company you’re considering handles that process.
Application
Our process starts with a detailed application that goes over the applicant’s income, job history, criminal background history and rental history. We want to get a credit score and put together a full picture of each applicant. We encourage applicants to attach supporting documentation for each section in the application, ie, pay stubs, tax returns, job offer letters, photos of pets, etc.
Consistent Business Mindset
We interpret this information with a business mindset. Every applicant has a story and while you might be sympathetic or empathetic, our job is to minimize your risk, so we need to maintain this business mindset. Each tenant application that we approve must meet our minimum standards. The tenants we approve must also understand their responsibilities in the lease. It is very different to rent an individually owned home vs an apartment. This ensures your property is maintained in the best condition possible and that we have few problems and misunderstandings during the term of the lease.
Landlord Review
As the landlord, you should look at every application that is about to be approved. We forward our approved applications to our landlords so we can review the pros and cons together and discuss the risk associated with each application. So many landlords are in the dark about the people living in their properties. We want to partner with you so you understand each application and you know why we are approving it.
Reducing Eviction
So why does detailed tenant screening really matter? Because after the thousands of homes we have rented out in our 18 years in business, we have filed for eviction fewer than 5 times. We believe a detailed and hands-on application process is the number one factor that determines whether you have problems and unexpected expenses down the line.
We cannot take your landlord risk down to zero. Choosing to be a landlord comes with risk. However, since our mission is to minimize your risk, the time we take to review and get to know each applicant is critical to minimizing your risk and maximizing your success.
Be careful when you choose a property management company. Make sure you understand their process and be certain it works fo
r you. Don’t just look at the monthly management fee; get to know the company and their philosophy and see if it is a match for you.
If you have any questions about tenant screening, please contact us at Chesapeake Property Management, and we’d be happy to tell you more.
