Choosing quality tenants to fill vacancies on your property can be a time-consuming process, as it generally requires landlords to run detailed checks on applicants. If you are a busy investor who owns one or more rental properties and needs assistance with certain aspects of management, such as tenant selection, you may be in the market for talented property managers. New Hampshire agents utilize a number of resources to thoroughly assess interested applicants looking to take up residence on their clients’ properties. A property management company can meet your needs, regardless of whether you would prefer to choose a tenant after screenings have been completed or would rather your agent make the decision for you. You will not have to deal with the financial setbacks that come with prolonged vacancies or inadvertently worsening the problem by choosing the wrong tenant.
Negative Effects of Vacancies
Prolonged vacancies can present problems for any property owner, regardless of whether they own a single or multi-family home, apartment complex, or commercial investment. Without paying tenants to fill them, empty units can quickly impact your returns and reserves. Naturally, this can make covering monthly expenses, such as mortgage, insurance, HOA, and repairs costs, a considerable challenge. Property managers fully understand the need to eliminate vacancies as speedily as possible. However, good agents do so with quality in mind and will make it a point to ensure each interested applicant meets certain standards. Minimizing vacancy gaps is essential to maintaining a healthy investment; however, it pays to be especially cautious when searching for a new renter.
Applicant Evaluations
By implementing criminal, credit, employment, and income screenings, agents are able to determine whether a prospective tenant is a risk to your investment. For example, if an individual’s credit is not in the best shape or they are currently between jobs, your property manager will likely suggest you continue your search or send out a rejection notification on your behalf. Many landlords do not take the time to properly analyze a prospective tenant’s background and financial standing, which can undoubtedly lead to problems down the road. Trusted agents search for individuals with clean backgrounds and stable incomes, lessening the chances of disruptions and rent collection issues occurring.
Carnahan Property Management is a firm that delivers inclusive services to busy investors, which include tenant screenings and selection.
by Michelle Richardson
