Several years ago an Asheville property manager had no issues choosing tenants to rent their homes. With the recent housing crash more and more home owners are now becoming renters. This has left some property managers in Asheville revisiting what they deem necessary for a new tenant to rent their homes. Reviewing your processes is always a good thing, but there are a few guidelines to help you keep from getting into a bad situation.
Asheville property management does not always have a clear “yes” or “no” anymore. Good people who used to have perfect credit scores now have dings in them and sometimes it is because of no fault of their own. Job losses and the housing market crash have affected a lot of people. Here are the top three tips for you as an Asheville property manager to follow when you are selecting new tenants for your homes:
- Credit Scores – This used to be a much larger factor in choosing a tenant. Because of having to move with jobs or just getting out from under a problem home, many have gone through foreclosures or short sales. While credit is still a large factor, it is not near what it used to be.
- Employment and Income – This should still be held in a high standard when approving a future tenant. While you may lower your income requirements, you still want to be able, as their Asheville property manager, to verify their income. While most employers may not tell you their income, you can verify it with the pay stubs. If this does not indicate a match to what the tenant has told you there may be a problem there.
- References – While these are great to have if you can get them, you may run into a few problems. Because of privacy issues and landlords being leery of providing incorrect information, they have turned to having to have signed forms from the tenant and making it very difficult to get any information. Those who handle property management in Asheville know that sometimes a landlord may give a letter of recommendation to a tenant they want out of their home. This is not good for you since you are not sure why they would want them out. You also have to take references from friends or family with a grain of salt. Most of the times they will tell you what they want you to hear.
Using these tips can help you to choose tenants wisely. You will find that property managers such as those at Tons of Rentals use these guides to find quality long term tenants that will stay the course and take care of the home as it were their own. These are the type of tenants you want in all your homes. Be sure to weigh all the aspects together and talk with the tenant.