Optimal Tenant Selection Criteria for Sarasota & Manatee Landlords

By
Real Estate Broker/Owner with Real Property Management of Sarasota & Manatee
https://activerain.com/droplet/4mXR

Real Property Management's Optimal Tenant Selection Criteria for Sarasota & Manatee Landlords . . .

Probably the most important decision you'll make as a property owner is whom to rent to? Whom should you trust with your rental? What can be done to help ensure a reasonable return on your investment, while protecting both yourself and your property from liability, loss, and damage?

Only after you've advertised your rental property, and prospective tenants have begun contacting you, does the most difficult part of the rental process begins -- Tenant Selection. Real Property Management of Sarasota & Manatee's informative series on rental home management answers many of your questions about being a landlord, and the very important topic of Tenant Selection.

Tenant Prospects

Successful Tenant Selection - Real Property Management of Sarasota & ManateeBefore you find tenants who are seriously interested in your rental, and who are willing to complete an application and provide all of the necessary background information, you'll likely need to show the property many times, over several weeks, probably at the prospective tenant's convenience (not yours). Meeting and showing prospective tenants is a time-consuming, difficult, and sometimes dangerous task -- after all, exactly who are these strangers you're meeting alone at your property?

A common question asked regarding landlording is, "Should you require a formal, written application?" For those with experience, the answer is clear -- Absolutely yes! You'll need a completed application that provides the prospect’s basic personal information, as well as supporting documentation to verify identity and income -- only then can you begin the actual tenant selection process.

(NOTE:  It is wise to have an attorney review your application and selection criteria to ensure that they are in compliance with local, state, and federal fair-housing laws)

 

Verify Monthly Income

You need to establish that the prospective tenant has both the means and intent to pay their rent. You must actively verify the prospective tenant's employment history and income amount (don't just take their word on it). Obtain a copy of the prospect’s credit report from a credit reporting agency (don't just accept whatever they hand you).

If the prospect passes the credit review, you'll then need to check their references, criminal records, eviction records, and previous rental history -- this can get very complicated and time-consuming.

 

Tenant History

Contact each of the previous landlords listed in the applicant’s history to verify that the prospect paid rent on time and properly maintained the home.

Real Property Management of Sarasota & Manatee - Criminal Background SearchAs a responsible landlord, you may wish to perform a criminal history investigation to protect your property -- be prepared to pay for it out of pocket if you are working on your own and have not hired a professional property manager.

As a responsible landlord, you may wish to perform an eviction history investigation to protect your property -- be prepared to pay for it out of pocket if you are working on your own and have not hired a professional property manager.


There is a direct correlation between failing to properly screen prospective tenants, and adverse tenant issues, which can most certainly lead to: lost income, huge repair expenses, and costly legal liability. This is one of those necessary evils that comes with the territory of being a "do-it-yourself" landlord.

 

How to Logically Protect Yourself

Real Property Management of Sarasota & Manatee has trained individuals to:

  • Collect all of the documentation.
  • Verify information provided in the application.
  • Run and analyze credit checks.
  • Evaluate criminal history reports.
  • Ascertain eviction histories.
  • And otherwise help to ensure that tenants have the means and intent to pay.

For expert advice, and more information on our professional property management services, Call Us Today at 941-225-8183.

 

About Real Property Management

Real Property Management is a privately held, Utah based corporation with over 25 years of experience providing full-service residential property management for investors and homeowners from more than 250 offices throughout the United States and Canada.  We are an "Inc.500" company, and the recognized industry leader in residential property management.

Real Property management of Sarasota & ManateeReal Property Management of Sarasota & Manatee is our independently owned affiliate office, offering services including:  rental market analysis regarding pricing, finding and screening tenants, completing lease agreements, collecting rent, maintaining buildings and grounds, coordinating repairs on a 24-hour basis, maintaining escrows and security deposit accounts, monthly owner statements, end of year tax reporting for owners, regular video inspections, and processing evictions when necessary.

Real Property Management of Sarasota & Manatee is a full service, residential property management company serving:  Sarasota, Bradenton, Venice, Ellenton, Parrish, Palmetto, Siesta Key, Longboat Key, Lakewood Ranch, Osprey, Nokomis, North Port, Punta Gorda, and Englewood, FL.

Call us today at 941-225-8183.

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All the best!
Real Property Management of Sarasota & Manatee
of Sarasota & Manatee

Office: 941-225-8183

Web:
www.SaraMana.RealPropertyMGT.com

"Sarasota & Manatee County, FL Zip Code Market Area - Short Sales, preForeclosure 34201, 34202, 34203, 34204, 34205, 34206, 34207, 34208, 34209, 34210, 34211, 34212, 34215, 34216, 34217, 34218, 34219, 34220, 34221, 34222, 34228, 34243, 34250, 34251, 34260, 34264, 34270, 34281, 34282, 34229, 34230, 34231, 34232, 34233, 34234, 34235, 34236, 34237, 34238, 34239, 34240, 34241, 34242, 34272, 34274, 34275, 34276, 34277, 34278, 34293, 33834, 34251, 34284, 34285, 34223, 34224, 34284, 34285, 34286, 34287, 34288, 34289, 34290, 34291, 34292, 34293, 34295

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Rainmaker
931,028
Kwee Huset
Kwee Huset Realty - Venice, FL
Venice Florida Homes For Sale

Hi John, great source of information for landlord to understand  what you will do before accepting a tenant. 

Sep 06, 2014 09:36 AM #1
Rainer
366,437
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Thank you so much for your kind words Kwee!  God bless you :-)

Sep 06, 2014 12:32 PM #2
Rainmaker
1,918,105
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

John - you have given a comprehensive list for helping a property owner get the right teneant.  Owners in Sarasota should call you.

Sep 27, 2014 02:04 PM #3
Rainer
366,437
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Thank you so much for your kind words Grant!  God bless you :-)

Sep 28, 2014 08:48 AM #4
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John Michailidis

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