The Right Tenant Makes All The Difference
Gulf Income Properties uses tried and true methods to ensure we find the right tenants, for the right price, and in a timely manner. On average, tenants are found within 21 days of listing a property for rent. We do this by following our tenant marketing, screening, and placement process.
The Benefits of Finding the Right Tenants
The First step in the tenant placement process is getting an understanding of what the fair market rent is for a property. A listing agent at Gulf Income Properties will complete a rental market analysis to determine fair market rent. The same listing agent will then communicate to the owner how they arrived at their conclusion regarding fair market rent. During this phase of the process, the listing agent will offer suggestions on how the property owner could maximize the rental properties rent potential. The listing agent and owner will work together to determine what the final rent price will be for the property.
The marketing process is one of the most important steps in the tenant placement process. That is why Gulf Income Properties uses the latest technology to ensure the maximum amount of exposure for the rental property. We take pictures of the rental property using Matterport cameras. A Matterport camera not only produces HD still pictures and videos, but puts together a 3-D virtual tour for prospective tenants. Why does this matter? When renters are searching for rental properties, they are much more likely to engage with your property as it has a 3D tour. Your property listing is then syndicated on over a dozen property websites and will be seen by millions of potential renters.
With the right pricing and marketing for your rental property, the next step will be handling the dozens of prospective tenants who will be interested in seeing the property. A Gulf Income Properties listing agent will meet every prospective tenant at the property for every showing. During the showings, the listing agent will discuss the application and screening process with potential renters.
Having a screening process that has been tested over time is an extremely important piece of the process. A great property will attract many prospective renters. The key is screening each applicant to make sure they are the right fit for your property. Placing the wrong tenant can be a very expensive mistake, which is why we put a lot of effort upfront to ensure success.
- The screening process begins with an online application. If the applicant meets the criteria for the property, the application is then evaluated further by our team, which is when we verify the information on the application by requesting supporting documents.
- We do our homework, which gives you the best possible tenant. The criteria we look at when screening a tenant includes:
- Credit History
- Employment and Income Verification
- Rental History
- Criminal History
- Sex offender registry check
- Reference check
At that point, we make our recommendations to the owner. Maximizing rents is the number one goal, but preserving your investment by picking great tenants equally as important.
At this point in the process, the tenant has been selected. Our listing agent will complete a pre-rent walk through inspection to ensure that owners will have a clear understanding of the condition of their property prior to the tenant moving in. All inspections and information gathered during this period will be provided to the owner for their records.
Downfalls of Placing the Wrong Tenant
Non-Payment of Rent
A bad tenant may struggle to pay rent on time, or may stop paying altogether, which can lead to financial losses for the property owner.
A bad tenant may not take care of the property, and may cause damage to the unit or common areas. This can be costly to repair and can also impact the property's value.
A bad tenant may engage in illegal activities on the property, such as drug use or prostitution, which can lead to legal issues for the property owner.
If a tenant causes problems for neighbors or the community, it can reflect badly on the property owner and can impact their ability to attract future tenants.
Evicting a tenant can be a time-consuming and costly process, and can also be emotionally draining for the property owner.
Finding a New Tenant
A tenant who causes problems can make it difficult to attract new tenants, as potential renters may be hesitant to move into a property with a negative reputation.
Loss of Income
If a bad tenant causes the property to be vacant for an extended period of time, it can lead to loss of income for the property owner.
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Tenant Screening: A Comprehensive Guide
Tenant Screening: A Comprehensive Guide
Finding a good tenant is essential for any landlord. After all, your tenants will be responsible for paying rent, taking care of your property, and following the terms of your lease agreement. That’s why it’s so important to carefully screen all potential tenants before you rent to them.