What is your tenant criteria?
Our rental policies are posted on our website and in our rental application. We take the rental approval process very serious; only seasoned specially selected staff are able to review and approve applications to ensure we stick to our rental guideline and maintain our single digit eviction rate. We check credit, criminal background to include sex offender records, landlord rental history, eviction, bankruptcy, lawsuits, judgements, liens, collections, fraud, bad checks, FICO score, social security ID check, Patriot Act records, name verification, address verification, identity validations, and employment and income verification.
Some property managers do very little screening. We have seen other companies approve tenants that would never be approved by our office. Many owners are very tempted to go with cutrate companies, because they also boast higher rents and shorter rent-up periods. Unfortunately, that tends to be a short term gain, as the damages, eviction costs, vacancy and re-rent costs are much greater.
Real Property Management Hampton Roads is confident that any lower rents or any longer rent-up periods caused by our strict screening process actually improves our property owner’s bottom line over time.
What is your tenant screening procedure?
Some property managers in our area do little screening, they are happy to have applicants thus approving the one they get. Many owners are very tempted to go with these companies, because they also boast higher rents. Unfortunately that tends to be a short term gain, as the damages, eviction costs, and re-rent costs are much greater. It is advisable that you select a management company like Real Property Management, that utilizes a professional screening company to verify: credit, criminal background, landlord references, social security ID check, and employment. Here at Real Property Management we only take the best of the best applicants, approving just 52% of all applicants. Our marketing blitz generates increased interest in all of our properties often giving us multiple applicants to choose from. This allows us to choose the most qualified applicant for your property.
Can I find my own tenant?
Of course you can, but Real Property Management Hampton Roads will require that the tenant complete an application, pay the application fee, and be submitted to our screening guidelines. All of this screening isn’t just there to find you a quality tenant, but it is also there to reduce risk to both the property manager and you as the property owner. Please do not promise your unit to someone until they go through the application process, your new friend might be really nice and down to earth but have a rap sheet a mile long that they failed to mention.
What is a quality tenant?
Most property managers look for A-tenants, while the rest of the world is looking for B-tenants. A-tenants are motivated, ready to move, and are highly qualified. In all likelihood they could purchase a property if they chose to do so. They have good credit, stable jobs, and funds for the security deposit. A-tenants are less likely to try and negotiate the rent or security deposit and more likely to pay their rent on time, each and every month.
In general, A-tenants are going to be easier to manager. However, B-tenants can be just as good, which is why we do allow for some exceptions to some of our criteria which are cured by either a co-signer or a larger deposit. Often these steps help to mitigate the risk associated with the B-tenants.
Why can’t I choose the type of tenant?
Fair Housing Laws and their enforcement and subsequent penalties for not abiding by them can be very expensive. We have taken over many properties that were managed by individuals and agents that focused on sale too, because after being fined for violating Fair Housing Laws, they came to us to manage. When you listen to their stories, we get the impression that they did not set out to intentionally discriminate, but because their selection process was not consistent and left room for interpretation, they were found guilty. We are trained in Fair Housing Laws. We offer an application to each and every person who makes an inquiry. We process every application. And we accept or deny applicants based on our standardized criteria.
If you have a friend or a relative that you want to place in the property and you make that known before we begin marketing it to the public, that is your prerogative. We do however still require an application along with the credit and criminal background checks of that friend or relative.