Property Management | If you own a rental home, finding qualified tenants can be a challenge. Sure, people may look and sound nice on the phone or in person, but can you trust them to pay rent on time and maintain your property? Knowing who to say “yes” to and accepting them as a tenant can be nerve wrecking. This is precisely why you need a property management company that understands and is up to date with fair housing laws and can screen tenants appropriately to make the best decisions for your rental home.
Every property manager will have a rental application that prospective tenants can fill out if they are interested in renting a property. With the application usually come a fee that covers the cost of background and credit checks, as well as the time it takes to screen the tenant. An application should be filled out for each person over eighteen years old who plans to live in the home. Some property management companies will make exceptions for children in school living with their parents if they are under twenty-one.
A rental application should ask for full name and address, social security number, and five years of work and rental history. Photo identification should also be copied along with at least thirty days of paystubs.
What Does Property Management Look For?
Using the information provided with the application property management companies will run credit and backgrounds checks on tenants. They will verify rental history, income, and previous residences as well. While every company will be different, Scott Properties, offering high end and luxury homes in the Charleston area has disqualifying criteria similar to national standards.
Net income must be three times the rental price
No evictions within five years
No outstanding balances to previous landlords
Credit score above 520
No violent felonies within seven years
No foreclosures or bankruptcies within seven years
History of paying comparable rent amount
Having pets that are against policy
Your property management company should take all of these things into consideration, if they don’t, call Scott Properties today to see how we can help you rent your home in Charleston!