A lease is a relationship. The tenant interview is the first date. There is a great deal more than credit reports and references involved in determining who will be a great tenant and who will bring you nothing but headaches. Actually, interviewing is both a art form and a science. Based on hard experience, here are some concerns you need to think about to make the most reasonable and profitable decisions for the health of your entire complex.
Check your assumptions
First of all, you need to rid yourself of some old world thinking. The rental market has moved from a world of price to a world of value. The best renters are no longer looking for the most square footage at the lowest rent in the best location. New renters want a home that takes care of their deepest needs like Wi-Fi, pet grooming and built in iPhone docks. Take a look at our review of the trends in amenities that will be considered standard in a few years.
Second of all, take your time. Good credit and solid references are merely the beginning. Invest your time and effort in the screening process and you will be rewarded in lower turnover and fewer problems on site. Due to the impact of screening on costs, it should be treated as a revenue driver just as much as promotions and property improvements.
Third, realize that the application interview is a late stage in the sales process, not part of administration. They are still prospects, not tenants yet. This means that they may not be sold on the property yet and there are still plenty of chances for the competition to woo away your best tenants. Use the interview to find out what matters to them and make the kind of impression that they will brag about to their friends. Read More – MultifamilyInsiders.com>