Why Your Tenant Screening Process Sucks (and how to fix it)

Summary

In this video, Nelda shares a comprehensive five-step tenant screening process designed to help landlords find reliable tenants. Drawing on her 18 years of experience in property management, she emphasizes the importance of creating a tenant profile, conducting pre-screening questions, utilizing thorough application forms, verifying landlord references, and performing credit checks. Nelda promises to delve deeper into each step in future videos, offering valuable tips and strategies to avoid common pitfalls in tenant selection. Her goal is to empower landlords to secure quality tenants and manage their properties effectively.

Takeaways

• 😀 Define your ideal tenant profile before advertising your property.
• 😀 Use effective advertising strategies to attract the right tenants.
• 😀 Pre-screen potential tenants with key questions to save time.
• 😀 Develop a comprehensive application form that includes essential, legal questions.
• 😀 Request landlord and employer references for reliable verification.
• 😀 Avoid personal references; focus on professional ones for better insights.
• 😀 Conduct credit checks to assess the financial reliability of tenants.
• 😀 Understand what to look for in a credit report and how to interpret it.
• 😀 Provide ongoing support and resources for landlords through your website and materials.
• 😀 Ensure that you have a solid screening process to avoid problematic tenants.

Q & A

What is the first step in the five-step tenant screening process?

The first step is to advertise the property while considering the profile or avatar of the ideal tenant you want to attract.

Why is pre-screening important in tenant screening?

Pre-screening helps to filter potential tenants by asking qualifying questions, ensuring you don't waste time showing the property to unqualified applicants.

What should be included in a tenant application form?

The application form should contain questions that help assess the tenant's qualifications, such as their rental history, income, and employment status.

What type of references should landlords ask for?

Landlords should ask for landlord references and employment references, rather than personal references like friends or family members.

How can landlords verify the legitimacy of references?

Landlords can verify references by asking specific questions related to the tenant's behavior and payment history, as well as following up directly with the provided contacts.

Why is running a credit check recommended?

Running a credit check is important to assess a tenant's financial responsibility and their likelihood of paying rent on time.

What legal considerations should landlords keep in mind when advertising?

Landlords must ensure their advertisements comply with legal guidelines regarding discrimination and must not make misleading claims about the property.

What resources does Nelda provide for landlords seeking assistance?

Nelda offers resources such as her book 'Canadian Landlord's Handbook', her website, and her social media platforms for additional guidance and support.

What is the significance of finding quality tenants?

Finding quality tenants is crucial because it minimizes risks such as late payments, property damage, and eviction processes, ensuring a stable rental income.

How can landlords determine fair market value for their property?

Landlords can determine fair market value by comparing their property to similar rentals in the area and considering factors like location, size, and amenities.