Choosing who to allow rent your property is one of the most crucial decisions that you will make when it comes to your properties. Tenant selection services should be number one on your list of priorities.
What is a Tenant Selection Plan?
As a property owner, you will develop a written plan that include requirements that make an individual eligible for establishing residency at your property.
This plan must include age restriction policies (such as minimum age requirements or an outline of elderly-based restrictions), income limits, and specifications you deem reasonable in an applicant’s unique ability to perform any and all obligations that are part of the rental or lease agreement of said property. This is the tenant selection plan.
“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth…” – Theodore Roosevelt
Be Aware of Discrimination
Discrimination is not legal when it comes to the selection of tenants. In fact, the tenant selection plan that you create and make public must also include citations and supporting documents that outlines that your selection process is nondiscriminatory in nature.
What Are Tenant Selection Services?
Tenant selection services are specially-designed services created by third party companies for property owners. Licensed professionals handle all of the tasks associated with choosing tenants.
Examples include outlining eligibility and income requirements, creating the tenant selection plan, making the plan public, ensuring all federal, state, and local laws are adhered to, and completing each of the tenant selection tasks involved in filling vacancies of properties associated with the property owner in which they work.
How Will I Benefit from Using Tenant Selection Services?
There are many different advantages to using third party tenant selection services. These are as follows:
- As a property owner, you will not have to choose among individuals that elect to apply for one of your vacancies. Many find this to be an uncomfortable and challenging task. Instead, the company that provides you with tenant selection services will be given the task.
- Determining how truthful and accurate a potential tenant is being during the application process is often difficult for property owners. Companies that provide tenant selection services are equipped with the tools, resources, and the assistant skills to perform all that is required to determine the truthfulness and accuracy of the information that potential candidates provide.
- As a property owner, you have numerous responsibilities that are time consuming. While tenant selection is no less important than those other responsibilities, it is generally a lot more time consuming and challenging. By opting for third party tenant selection services, you have the ability to relinquish the time and effort that it takes to find the perfect tenant for your property.
How Do I Get Tenant Selection Services?
If you are tired of struggling with the application and interview process of selecting tenants and are ready to make one of the wisest investments you can make into your property, simply contact Pioneer Property Management today.