Keeping your rental property with the lowest vacancy rate possible is among the things you have to focus on. This doesn’t mean that you should be willing to take the first applicant, though. A screening procedure is necessary to prove that such applicants are qualified to be your tenants.
Out of the number of applications that you receive every day, not all of them will fit the requirements. Delivering the bad news is difficult, so rejecting them should be discreet. Make sure your reasons are always valid and never due to obvious personal biases. Always know and respect renters’ rights. How can you do it? Read the following to serve as your guide:
Explain the Screening Process Again
If you’re hiring a property manager, advises renthomes.com, for houses, condominiums, and townhouses, you should have an idea about the entire screening procedure. It’s easier to explain to the rejected applicants if you understand everything.
Property managers, for instance, have the right to verify every detail applicants include in the application. They can confirm the income and previous residence, or interview former property owners and employers. Ask if they’ve understood correctly to avoid further misunderstandings.
Show What Criteria They Didn’t Meet
A tenant law firm noted that a written screening criterion is important. It’s like a checklist that shows how qualified an applicant is. This includes the following:
– Rental history, including any kind of evidence that proves every detail is accurate
– Gross Monthly Income, which should be three times bigger than their rental amount
– Credit Score of at least 600 and above, which you can verify through credit report
– No eviction or Negative Reference, which is a red signal for problem tenants
An ideal rental applicant receives the highest score, but if it’s not achievable, you can choose the applicant who got the highest score, or wait for another batch. Give the rejected applicants a list of the criteria they didn’t meet, so they can also use it as reference for their next application.
Rejecting an applicant is part of the process, but you shouldn’t be too harsh on them. Explain what they were missing to help them in their future search. This is an ideal situation that also saves you from a potential problem.