Property managers in Boca Raton are part of a group of three in a rental transaction. There is the property owner, the tenant and the manager. As the manager acts on behalf of the owner, they are responsible for giving the keys to a very expensive asset to someone who is essentially a stranger. For the property manager to make the right choice in tenants, they must have a selection process.
Federal law:
The Federal Fair Housing Law must be followed when selecting tenants. If you do not abide by this law, you leave yourself wide open for a discrimination claim, which may lead to an expensive lawsuit. You must not be discriminate based on any of the following:
- Race or ethnicity
- Place of birth
- Religious affiliation
- Gender
- Marital status
- Disability
Good credit:
The best tenant is always one who is credit worthy. If they have shown that they are financially responsible, and pay their bills, they will probably pay their rent on time and care for the property. To verify their income, property managers in Boca Raton will ask for recent pay stubs and contact the employer to confirm the length of employment, monthly income, etc.
The property manager will run a credit check on the applicant to make sure they pay their bills on time and to check their debt/income ratio. A good property manager knows that a person who has an income three times the monthly rent is still an unacceptable risk if you factor in a heavy debt load. The credit check wil show any prior evictions, judgments or bankruptcies.
Criminal background check:
A person’s criminal record is a public record and can be seen at the courthouse. To get this information the property manager must have the correct name and date of birth of the applicant. As a serious criminal record is a valid reason to refuse the application, many with a record will try to falsify this so the property manager must make sure he has checked and verified a valid ID. As of now there is no nationwide criminal database so verification is difficult but can be accomplished by specialist companies.
Check the rental history:
Experienced property managers in Boca Raton always speak to at least two landlords, not including the current one. Landlords who do not have the individual as a tenant anymore will be more forthcoming than a current landlord who wants to get the tenant out of the property.
Lifestyle check:
A host of prior addresses and employers is often a dead giveaway, and the tenant may not have any long- term potential. If they jump from job to job, they may be able to afford the rent today, but perhaps they will be unemployed in three months.
The best property managers have a well-defined system for screening applicants. It may take a few days longer to fill the property but in the long run, that additional time spent checking the records will be worth it.
After many years of firsthand experience, the property managers in Boca Raton FL are experts at selecting responsible tenants. To put your property into the hands of the best, contact Real Property Management – Boca Raton. The telephone number is 800-365-1275
