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For landlords, the most important thing is to have tenants, right? Well, yes; but that universally acknowledged truth is not the whole story. Of course you don’t want the house or apartment to be vacant and have no rent coming in, but equally, you don’t want the wrong tenant in there – one who potentially might not pay the rent or take reasonable care of your investment. When it comes to managing an investment property, Rochester NY experts say that one of the most important parts of their job is finding the right tenant for their clients’ properties. So, how do they know who the “right” tenant will be? This is where tenant screening comes in – and is one of the most compelling reasons to take on professional management for an investment property. Rochester NY experts explain the importance of tenant screening. Why Screen Tenants? Looking into certain aspects of a person’s financial, employment, and previous rental history can prevent the risk of damage, unpaid rent, and a general bad experience that costs a landlord time, angst and money. There are many aspects to a person’s behaviour that can be problematic to the good condition of a property, but also to the relationship with neighbors and the wider community. If you want to find success as a landlord with minimal headaches, minimal vacancies, and maximum regular rental income, tenant screening is not just advisable, it’s an imperative part of owning an investment property. Rochester NY certainly attracts a high quality of people, but you should never entrust your house or apartment to someone who has not been screened. What’s Involved? The checks carried out on a prospective tenant will vary but in general comprise all or some of the following. Employment checks and history: The person’s current employment should be verified, as well as ensuring their income is sufficient to service the ongoing rental costs. In some cases the person’s past employment history may be examined to ensure it is not unreasonably unstable. Credit checks: This covers their history of debt and ability to make regular payments, which can indicate their ability to pay rent. Background checks: This may cover their previous rental history as well as identifying any negative behavior in terms of damage, evictions, or non-payment of rent. Reference checks: This involves contacting past landlords or property managers to discuss the reliability of a prospective tenant, including their good character. Leave it to the Experts You might just think: “Do I really need a property manager? Can’t I just do the checks myself?” Well, of course you could give it a go, but it requires some quite niche knowledge, and, in most cases, a lay person (one without a real estate registration) will not be allowed public access to a third party’s sensitive personal information. A professional property manager knows exactly what checks to take care of in terms of ensuring a prospective tenant is not only who they say they are, but that they have not been involved in criminal activities in a previous property, caused any damage, or have a history of unpaid rent. If you want the very best for your investment property in Rochester NY, you should screen your tenants thoroughly – and this is a task a reputable and professional company will take on before they offer someone a lease. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience providing a holistic service for both domestic and international investors. When it comes to an investment property, Rochester NY is one of the most exciting areas to invest in both commercial and residential properties. The company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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