There are more than 310,000 companies just in the United States dedicated to property management. That is a testament to how much our society depends on the services of quality property managers.
One of the most important aspects of property management is tenant screening. The right Denver tenant screening can make all the difference between difficult or smooth management of the rest of the rental process.
So what exactly is so important about tenant screening? And how can you efficiently screen your tenants? Read on to learn all about the most important things to understand about tenant screening in Denver!
The Benefits of Tenant Screening
Colorado tenant screening laws forbid certain kinds of screening. The Rental Application Fairness Act Colorado passed some time ago forbids screening on the basis of race, religion, and similar traits.
However, the right landlord-tenant checklist PDF can still allow you to efficiently screen your tenants.
There is an important principle called the Pareto principle. It states that 20% of the dynamics in your system are often responsible for 80% of the effects in the system.
In many cases, it is only a minority of tenants who end up causing the majority of extra work for a property manager. Vetting potential renters in an effective way can eliminate a lot of this extra work. That is why a good tenant screening process is so important.
Aspects of a Good Tenant Screening Process
Professional property management services emphasize tenant screening. They develop long lists of techniques that allow them to screen tenants in subtle and effective ways. However, you can achieve some of the same effects with just a few simple interventions.
First of all, you should invest in tenant background checks. These can help you quickly screen out tenants who might have a history of misbehavior.
On top of that, you can set up systems that help you figure out which of your prospective tenants are most interested. For example, you can ask them to perform a simple task like providing you with a few different times of the week that would work for a showing.
Prospective tenants who are most interested will be willing to perform simple tasks like this. Finding the tenants who are most interested can save you a lot of time.
A good interview is a powerful tenant screening technique. You can ask why people are moving to the area. Look out for renters who are moving because of difficulties with previous landlords.
You should also ask when people want to move in. If they want to move in extremely quickly, that can be a bad sign.
You should also ask about how much money they make. You may not want someone who barely makes enough to pay rent.
Understand the Most Important Aspects of Denver Tenant Screening
We hope learning about Denver tenant screening has been helpful for you. Many property managers struggle with tenant problems for a long time without addressing the problem at the source. Tenant screening can provide more benefits than almost anything else a property manager does.
To learn more about Denver tenant screening or to speak with experts who can help you screen your tenants, feel free to reach out and get in touch with us here at any time!