Being a landlord is not an easy job, but some people think that it’s only about collecting rent and nothing more. They are not fully aware of the amount of job it requires and how stressful it can be. Speaking of stress, one of the things that landlords do not particularly enjoy is going over tenant applications.
The tenant screening process can take up a lot of your time, and I mean A LOT. By using Padleads to make your property listing and having it syndicated to other websites, it increases the chances that a ton of applications will come in. Screening is not only about reading the applications, but it will also include doing background checks and interviewing the rental applicants.
Unfortunately, you cannot skip these procedures because the tenant you choose will take care of your property. You also have to make sure that your tenant can fulfill the obligations required to being a renter and it’s not only to pay rent.
There are a lot of things you can do with your time, and you would not want that wasted on incomplete applications. Here are some tips on how you can save time while processing applications.
Obligate the applicants to complete the information
One of the things that can waste a landlord’s time is going over applications that lack information. They would spend time extracting the details that they need and will have to wait for the applicant to send back a new application.
To avoid these things, a landlord should strictly require a completely filled-in application form from the applicants. The needed information should be enough for the landlord to make an initial decision, which can only get done if the details are complete.
If an applicant still failed to provide complete information, particularly the essential details, despite the strict instructions to do so, do not waste any more time processing it. Do not contact them and ask them to send another application.
Upgrade and update your application form
You can check your current application form because it may be time to update it. You have to keep up with the changing times, and some of the questions may be outdated and are not applicable anymore. Most application forms will ask for basic information such as name, address, work address, contact details, personal references, etc.
You should also consider customizing the application form. You can add questions about specific topics such as smoking and having pets in the property. Doing this will also help them decide if they want to continue with the application.
Be sure to secure consent from the applicants that they will allow you to perform the background and credit checks. Do not proceed with the procedure without any permission.
Encourage early applications
There are instances that the tenant would request to see the property before handing in an application, and that’s fine. However, you might be wasting time if the tenant is not a hundred percent sure that they will be renting. You spend time showing them the property only to find out that they were not that interested after all.
You can require them to send in their applications early so you can start the screening process. Some will insist on checking the property first. You can hold an open house instead and collect applications there. You can save time doing this rather than one-on-one viewings.
Contemplate on having an application fee
Asking for an application fee can help you narrow down the list of tenant candidates. You can use the money to cover the cost of doing background and credit checks.
You will be able to weed out the applicants that are not serious about renting. An applicant willing to pay an extra fee for the application process is a good sign.
Avail of tenant screening services
Another thing that can help you with the screening process is to use tenant screening services. Get someone else to do it for you. If you have the extra money to spend and you want to avoid doing this yourself, then go right ahead.
Since you are paying them, you can be sure that they will do a thorough job on doing background and credit checks. You can do all of these on your own, but it will take too much of your time, which you can use for other tasks.
As a landlord, your time is precious, so you should utilize it properly for you to accomplish all the needed tasks. You should be critical on how you spend your time. After all, time is a luxury you can never get back.