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Property Management - Tenant Screening Services
Property management – Currently, there are more than 88 million tenants in America with another 3 million expected by 2015, according to data from the Associated Press. With so many applicants to choose from, selecting the right tenant should be easy, right? Not necessarily. Leasing to the wrong tenant will not only eliminate expected income, but might also cost additional money in repairs or even eviction proceedings. It is estimated that only 5% of all renters cause 100% of the losses to property owners. Identifying those individuals requires a level of expertise that most investors lack.
Experienced landlords know that the best method for choosing tenants involves properly screening each applicant with a company specializing in tenant selection, such as NTN. The criteria for tenant selection should not be based solely on a retail credit score. As Regina Kaupanger, from NTN’s Arizona office, notes, “Tenant worthiness is not just credit-worthiness.” The applicant’s credit report is only one piece of the evaluation puzzle. National Tenant Network has developed reports that combine the information from an applicant’s credit history with relevant tenant performance information. Property owners or managers may choose either the NTN DecisionPoint or NTN DecisionPointPlus; both reports will provide an NTN Tenant Performance Report, as well as a rental recommendation for the property owner’s consideration. Qualifying every tenant in this way reduces the risk of income loss and increases the likelihood of positive cash flow to investors. In addition, the consistent approach to applicant screening ensures that Fair Housing requirements are met and proper documentation is maintained.
Property management done right also includes selecting the right tenant. Whether large or small, all property owners hope to see a reasonable return on investment. National Tenant Network’s suite of leasing tools enables property investors to efficiently manage risk by making sound tenant choices, backed by the most accurate data in the industry. Andrew Waite, publisher of Personal Real Estate Investor Magazine, cites NTN’s “people, service and systems standards” and “NTN’s experience, which has resulted in many renter performance analytics that are now standard industry practice for landlords and investors” as the best in the industry. NTN has been serving investors for more than 25 years, partnering with property owners across the country to keep vacancy rates low with a high probability of satisfaction in tenant selection.
Source: National Tenant Network, August 30, 2011
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Property Management – Landlords – Screen Tenant, Reduce Risk Of Income Loss is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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