How property managers select the right renters
When you are entrusting your most valuable financial asset to someone, you want to know the people who rent your property will look after it, pay their rent on time, and value the home as much as you do.
That’s why selecting the right renters is critical, and it’s an important skill that a good property manager will have honed over time.
So how do property managers select the right renters and what’s involved in the process?
The right type of renter
The reality is different properties lend themselves to different types of renters. Some are suited to students, others to professional couples, some to families and there may also be properties that would easily accommodate all of the above.
The first thing a property manager identifies is which type of renter your home is suited to, and this forms the basis of their marketing where they advertise the property with a target market in mind.
It also helps set the price of a property, factoring in things like market demand and the vacancy rate.
It starts at ‘hello’
Once your property is advertised for rent, finding the right renter often starts with a good first impression at an open for inspection or over the phone.
During these interactions, the property manager is looking for cues that this person will do what they say they will, and look after the home.
In some ways, this might come down to good old ‘gut feel’, but it’s far from the only way that property managers ensure they have the right renter on board.
The application process
Selecting the right renter really starts once the applications for a property begin to roll in and at this stage the property manager’s job is to check all the i’s are dotted, and the t’s are crossed to ensure the renter can pay for the property and they will look after it.
This involves a series of checks, including the following.
These days there are a number of databases which record any previous problems a renter might have had during a tenancy, such as damage to the property or missed rent.
This is one of the first checks a property manager will conduct, scanning the databases to see whether a prospective renter’s name is on the list and, if so, why that might be the case.
In addition to database checks, the property manager will also verify the renter is who they say they are.
This is achieved through a 100-point identity check where the prospective renter provides items such as their licence, Medicare card or passport to validate their identity.
The next thing a property manager checks is the renter’s employment or financial status to ensure they can afford to pay the rent each and every week. To complete this check, they might seek out payslips, or call the prospective renter’s employer.
While most of these checks involve confirming information the prospective renter has already provided, some are designed to ascertain what sort of character they have.
These checks include referee or character reference checks. In this instance, the property manager will call the renter’s referee to see how responsible they are and whether they honour their word.
This is also all about ascertaining how well the prospective renter will look after the property.
Why the rental check process is critical
All of the elements of the rental check process are designed to offer a picture of how well that person will look after a property, whether they are who they say they are and also whether they can afford the financial outlay that comes with renting a property.
It’s a necessary and very important part of the rental process not just to ensure that individual is the right type of renter, but also to understand whether the home they are applying for suits them.
A great property manager is particularly skilled in this field, conducting all the necessary checks and balances before referring a list of qualified renters to the property owner.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.