5 Phases of Tenancy – Phase 1 – Application and Screening Process
Welcome to the first part of a 5 part series on tips and tricks during the entire phase of a tenancy. We’ll go over important tips and what to do in special circumstances from the application process all the way through when the tenant has left your rental property.
Phase 1 – Tips and tricks on the application and screening process
- When receiving phone calls about your vacancy listing, you should answer as a “property management” company. This way, if the aspiring tenant’s plan was to lie or talk their way to renting from you without properly being screen, they would be deterred since property management companies usually thoroughly screen all applicants.
- When doing the screening, verify current and past employer information on Google. If you just call the numbers they provide, who’s to say they won’t ask a friend to pose as their boss and tell you exactly what the tenant wants you to hear? If you ask for previous landlord references, the tenant can have you call exactly who they want you to call. Use Google to double check and verify.
- If the tenant doesn’t have the full deposit and first month’s rent, do not rent to them no matter what the story is. It’s important you stay firm on this. Accepting part of either of these before they move in is a set up for certain failure in the future.
- Be cautious when the tenant wants to pay for a few months’ rent up front. You may not get another dime from them, use your best judgment.
- If the tenant for some reason can’t sign the lease at the moment but is willing to pay you a holding deposit, make them sign an agreement stating you could withhold daily rent amount for when the unit was taken off the market if they decide to back out.
This was tips and tricks for the first phase of tenancy, the application and screening phase. Stay tuned for phase 2.
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This post is filed under: Tenant Screening