What Not To Do In Tenant Screening For Park City Property Management
I've written a few posts for Park City property management about tenant screening, most recently "Tenant Screening Tips for Park City Property Management" if you are interested in reading further on the subject. Today I would like to offer up a few things that I have learned about what you should not do when it comes time to find yourself a new tenant. There are all kinds of people in this world and many of them are looking to rent a place. You want to make sure you get somebody who is great and will both protect your investment and be an integral part of your Park City property management operation. Without good tenants we would be in a world of hurt so let's try and find the best!
Don't Put Yourself In A Tight Spot
The last place you want to be is one where you feel like you don't have a choice and must take the first tenant that comes your way. That's not to say that the first tenant won't be great, but you do not want to be desperate to fill your property. Set aside money for your Park City property management operation to weather a few months of vacancy, large repairs, etc. You do not want to be so tight on things that you can't take even a month without a new renter. Sure it is painful to lose money on your investment property during vacancy but you should realize that this will happen from time to time and have some pain tolerance when it comes to these losses. The idea is to think and plan ahead so that you do not fine yourself in a difficult position or feel forced to take on a less-than ideal tenant. Work from a position of strength and you will be much happier with your results.
Don't Wing It
When it comes time to find a new tenant you should have an effective plan in place to deal with vacancy. You should already have a network of contractors and service providers who can take care of whatever work you need to get your property into rentable condition. You should have established channels and methods for marketing your property that have proven themselves effective at finding good tenants. Your application process, including background checks, should also be established and repeatable. If you can't perform the same process then you can't expect the same results. Keep to your plan and take the guess work out of finding a qualified tenant.
Don't Say Something Stupid
Hopefully you know this by now but there are certain things you cannot ask a prospective tenant. You must always deal fairly and equally with any prospect that comes your way. If you need to reject a person there must be a valid reason for doing so, which is another reason why an established application process is so important. The things you can't ask or say to a person are related to fair housing discrimination laws. I have covered this topic before, you can take a further look in "Discrimination Testing - Park City Property Management" or you can look up state and federal laws on the internet. There is a wealth of information and tips available to landlords and unfortunately ignorance is not a defense. Don't get caught saying something that could get you in serious trouble.
If you would like more information on how to find great tenants, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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