If you are considering firing your current property management company, do not worry. There is a chance they will “fire” you first. Neither side is being properly served when things aren’t working out. Property managers are...
Property Manager Novi MI (248) 474-6464
The first thing you might want to look before renting your Novi rental home at is a credit report. Your primary aim is to look for other landlords whom the tenant might owe money to, but you might also look for a variety of other factors. A vast array of unpaid collection items means the tenant is under considerable financial strain. A high debt to income ratio means that tenant could be getting there. Evaluate each individual situation, and not just the FICO score. It’s up to you to decide what level of risk you are willing to adopt-some landlords will rent to people with no credit history at all for example, and some won’t. You can use a Novi property management company to help you screen the tenants.
The second thing you’ll want to look at is rental history. Has the tenant broken leases in the past? Has the tenant left a string of trashed properties in his wake? Has he paid his rent on time or is he repeatedly late? Sometimes you’ll run into a new renter whose last landlord was his parents, so again you have to decide on your level of risk tolerance in deciding whether or not you’re willing to give a new renter like this a chance.
Next, you do want to call and verify employment. It’s all fine and good for the renter to show you pay stubs, but the renter may have gotten fired the day after his second pay stub came in. He may be sure he can get another job, but do you want to gamble the eviction expenses on it? If you have a self-employed person you can ask for bank deposit statements instead, just to see what kind of income the prospect is managing each month.
Finally, you can ask to inspect their current rental property. This can show you first hand how a tenant is taking care of the property they are currently living in. If you don’t like what you see, then you can deny the application and move on. You can have the Novi property management company help you gather this information. That said-be reasonable-the tenant is living in their home and so it is not likely to look like a show room. You’re going in with an eye towards the damages the tenant will be leaving behind, and not with an eye towards whether or not they still have dishes in their sink.
At the end of the day, deciding to rent out your property is going to be about a total picture. You are rarely going to find tenants who meet every one of your criteria to perfection. The key question to effective Novi property management is whether or not the tenant produces an attractive enough rental picture for you to move forward.