Resident retention is the much sought-after quality of having people living on your properties who are respectful of the property, good for the community, and reliable when it comes to payments. For the most part, many people can fill this role as potential residents, but there's always the risk that someone may come along who will cause trouble for you, other residents, and the property in general. One of the most proactive actions you can take to prevent this is the process of tenant screening, but there are a couple of things in particular you should do during this process.

Seek Landlord References

If the potential resident is already living at another property for which rent is being paid, or has done so in the past, then make the effort to get contact details for the previous landlord or property manager for reference purposes. One of the fastest, most reliable ways to learn what kind of situation the incoming resident may create is to speak with someone with experience in this area. You may quickly find out that the incoming resident is ideal and reliable, or you may find there are potential problems you may want to shy away from, such as being combative or frequently delinquent with payments.

Set Your Requirements & Stick To Them

If you want a deposit of 2.5 or even 3 times the rent, or you want to permit only people who meet a certain minimum credit score, you should clearly define all these for yourself and the potential resident early. You may even want to define certain rental history standards, but ensure that all of these requirements are compliant with fair housing laws. Overreaching on your requirements could lead to problems if not handled carefully.

If you want to ensure your residential property investment venture is successful, contact Occupancy Solutions and let us help.