Property Management Blog

How Do You Select the Right Tenants for Your Rental Property?

System - Thursday, October 22, 2020

We know that choosing a tenant can be challenging, especially when you want to get it right. People are always asking us how we pick tenants and how we know they’re the right residents.

At Gibson Group Management, we have a very specific process when it comes to screening and placing tenants. We’re sharing that process with you today.

Step One: Application Process for Fort Lauderdale Tenants

The first step is the application process.

We ask all prospective tenants to go online and apply through our website. Most tenants today prefer an electronic application to a paper one, and it helps us to stay organized and to document everything we do when we’re screening tenants.

With the online application, potential tenants can upload all their personal information. We ask for documentation that pertains to pets and vehicles. Having these details allow us to properly run a credit and background check.

Step Two: Evaluating Credit

Once we have all of the information we need, we check the credit score and the credit report. We don’t focus too much on the credit score. That’s only a number, and the prospective tenant may have late payments on medical bills or student loans, but they pay everything else on time. We’re really looking at the whole credit picture to see if there’s an acceptable payment history.

Step Three: Conducting a Background Check

Next, we’ll take a close look at the tenant’s background check. A lot of local landlords will simply go to the Fort Lauderdale police station and ask for a background check. That’s not enough because it’s only going to provide local results.

At Gibson Group, we are going to do a national background and criminal check. We want to know if a felony was committed in another state or if there was an eviction somewhere else. Conducting this nationwide check is a big help in selecting the right tenant. You don’t want to place someone who could be a threat to your building or community.

Step Four: Rental Payment History

payment history Finally, we pull a report of the landlord and tenant payment history. If the applicant has lived in a community or an apartment building, that management company or landlord will often report payments that show up on a tenant credit report. We’ll know if they’re frequently late when paying rent or if they’re pretty reliable about paying on time.

Once we have all of this data gathered, we take a look at the overall application. We confirm that the tenant has a job and that they earn enough money to cover the rent. We also verify that income because sometimes tenants lie or put the wrong information in the application.

Why are we so specific? Because we want to get your property rented quickly, but we don’t want just anyone living in your property. We want to make sure we place the best tenant in your property. If you’re making money, we’re making money. We’re looking for a tenant who will take care of the property and pay rent on time.

If you have any questions about Fort Lauderdale property management or questions about your lease or your units or your tenants, contact us at Gibson Group Management. We’d be happy to help.