Finding and screening reliable tenants can be a challenge. Screening tenants is challenging and labor-intensive. Making a mistake in selecting the wrong tenant could cause a landlord unnecessary grief and financial loss. PhillyLiving Management Group has worked with Philadelphia-based Landlords since 1982 to find reliable tenants. Below, we share five tips to ensure our landlords find reliable tenants who will respect both their new home and their landlord’s investment.
- Make a Human Connection and Ask Good Questions
Getting to know potential tenants is extremely important to be able to identify if they will be reliable tenants. Meeting them in person is an important part of getting to know them. A great leasing agent or landlord must ask all potential tenants great questions. It’s crucial to learn a tenant’s reason for moving and understand their life situation. You’ll want to learn as much as you can and assess whether or not the tenant provides thoughtful and genuine responses to all questions. Always trust your instincts.
- Reference Checks
Don’t cut corners by skipping employer reference checks or prior landlord reference checks. When screening tenants, ensure that a tenant has the job they say they have and confirm their salary is correct. It’s also wise to confirm with all prior landlords that a tenant previously paid their rent on time and treated the property with care.
- Good Financial Standing
Do not assume that an individual has a strong financial foundation. Screening tenants who are in good financial standing to rent an apartment will:
- Have a credit score of 650 or higher
- Have income that is three times the monthly rent amount
- Be actively employed
- Shows Loyalty to the Process
Does the tenant show up for showing appointments on time? Do they provide honest responses on applications? Does their moving date match the availability date of an apartment? Is the tenant able to be realistic about their budget and are they able to identify needs versus wants on their wish list for a future home? Leasing agents and landlords should be able to identify tenants who respect the process and everyone involved. A respectful tenant should also be a reliable tenant.
- Use Professional Platforms
At PhillyLiving Management Group, we utilize Appfolio, a professional platform that allows agents to properly screen tenants as well as request payments from tenants and landlords. Appfolio is not a tool for everyone, however, using professional platforms or websites when marketing a property is key. In addition to using Appfolio, a strong listing agent or property management company will utilize an MLS, a brokerage website, and sometimes third party sites like Zillow. Using unprofessional websites could increase the likelihood of finding tenants who are unreliable or could be cutting corners in some way. It’s recommended to always use reliable tools and conduct yourself with professionalism. Knowing the Philadelphia area is going to be key to how to effectively market your property to those living in the Delaware Valley. PhillyLiving Management Group is well-skilled in helping with advertising to those who call Philly home.
With these tips in mind, you can better equip yourself to find the right tenant for your home. Please contact us to learn more about how we can help make the screening process and other aspects of leasing or property management easier for you!
About PhillyLiving Management Group:
At PhillyLiving Management Group, our mission is to empower and support real estate investors and tenants through education and advocacy, reducing vacancies, optimizing portfolios, and cultivating long-term wealth. We provide clear, thorough, and honest communication with our customers and employees which results in peace of mind.
PhillyLiving Management Group is the property management division of PhillyLiving led by Matt Bremner. It is a second generation, family-owned business that began in 1982 when Bob Bremner started managing properties in Washington Square. Today, the company serves homeowners, individual investors, community associations, banks, municipalities, portfolio managers, and national institutions such as Freddie Mac and Fannie Mae. PhillyLiving Management Group has a proven ability to turn around rental investments and solve operational problems. It has grown to 3,000 units under management around the Greater Philadelphia market.