Residential and property management is a very specialized field within real estate. It requires a real estate license just like in sales, but that’s where the similarities end. A good property manager won’t just move a tenant for the sake of getting a paycheck, but will take every precaution in order to protect the owner of the property, as well as the tenant.
While it is ultimately the owner’s decision about what level of credit they will accept before leasing their property, we recommend that the property manager pull the three major credit reports on each adult who will be residing there in order to assist the owner in making an educated decision. A good property management firm should also keep an attorney on retainer to answer any questions or provide assistance as needed.
It is also a good idea to do criminal background checks as well. This could bring to light a lot of issues that may not come up by pulling the credit report. You should also personally call and verify the history and other pertinent information from the rental application.
There are far too many issues to discuss in one blog session, but I will continue with this one in the future to cover items such as pets, renters insurance, owns insurance for liability and property damage, repairs and maintenance issues, early termination by military members and more.
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