Monthly Archives: October 2013

Online Rental Scams: How Can Landlords Avoid Them?

Posted on by
Reply

How to Protect the Best Interests of Your Property

People who are looking to let their properties for rent are becoming increasingly aware of the scams taking place. As a result, a cautious approach is adopted when picking renters. Unfortunately, property owners cannot tell whether or not their rental properties are used in scams. However, the following few tips can help you make your property highly credible to a large pool of prospective tenants.

 

Scanning Craigslist

An increasing number of people are turning to Craigslist when they look for rentals. Scam artists also use the website to find rental space. Scanning the rentals in your area on Craigslist every now and then can help in ensuring that your properties are not appropriated by scam landlords.

 

Online Advertising

When putting up a property for rent, property management must be done effectively on the internet. Not only will you have to write an effective description of the rental property, but linking it to a created site will make potential renters view your property in high regard. Since scam artists usually deal in bulk, they won’t have time to create professional webpages, thus putting you ahead on potential suitors’ list.

 

Signage

The property for rent must have a sign that lists the phone number of the landlord. It would help in attracting more suitors if you link your property with a professional property management firm as renters tend to find it easier to conduct business with a company than individual landlords. Advertising the number will help you find tenants quickly.

How to Choose Between Multiple Qualified Tenants

Posted on by
Reply

Checking Rental History when Tenant Screening

When there are multiple qualified tenants after your tenant screening process, check with past landlords if there were any problems with the tenant in terms of rent payments. Find out if there was even one instance when the tenant failed to make payments in time as this will help you avoid the smallest of problems and thus find the best possible tenant.

 

Income and Credit Score

The income of an individual can help you figure out whether or not there will be any kind of monetary problems between landlord and tenant. If the rent is below a third of the potential tenant’s salary, you will have little trouble from such an applicant. Similarly, low credit scores point to potentially problematic tenants, and eliminating them from your shortlist will leave you with brighter prospects.

 

Fair Selection Methods

When there are multiple applicants who are eligible for your rental property post tenant screening processes, the best way to pick a tenant is by being fair. First come, first served is the ideal means of selecting from a pool of qualified applicants. Another good method to pick a tenant would be by letting it out to the applicant who showed the highest level of interest in the property. The applications can be sorted based on their strength, so that you can accept the one that is verified first. You can also look at the applications to get a detailed idea about the potential tenants before picking one that would best suit your personal taste.