What Property Management Companies Look for in Tenants
Some rental properties are managed by Owners or real estate agents. But on the other hand, big apartment complexes or villas in a gated community are managed by property management companies.
A property and rent management company like SANGAU, in Bengaluru has several residences under its management. Such companies have established processes and procedures for screening of prospective tenants.
They are approached by a wide variety of tenants so they try to get only screened clients that meet their tenancy requirements and who would be beneficial for them for a long term relationship. Some of the steps followed by such companies during a screening process are listed below.
Proof of identity
Rent management companies firstly verify the renter's identity. The primary purpose of this is to check the tenant provided data of the renters that can be used in unforeseen circumstances. On the other hand, in some states, it is a legal obligation to verify the renter's identity and submit the legal documents to the relevant government department. Identity can be verified by a government identification document like Aadhaar, driving license or a passport.
Income Proof
Rent management companies also require renter's income proof to ensure that they have the financial capacity to pay monthly rentals. The income proof requested from a prospective tenant could be a salary slip, income statement, bank statement or tax return. Companies have established a threshold income for acceptance depending on the property type and monthly rent value. They would validate the tenants’ ability to pay monthly rent on time without any delay. It also helps the companies to offer a suitable apartment to the renters based on the paying capacity of the tenant.
Criminal Records
It is the responsibility of rent management companies to protect the community around their property from criminals. If situation demands the company can request prospective tenant to furnish a police clearance certificate. This helps companies to screen those renters who have any past criminal records. In some states, it a legal requirement to submit tenant documents to the police station which is in the jurisdiction of the property.
Service fee
Some rent management companies demand a service fee that is not refundable. Tenants pay the service fee to the companies in return for their saved time to research a property that meets their needs. Such companies cater only to prospective clients who can pay the service fees.
Occupancy Type
Some owners or resident owners association could have specific tenancy requirements and these need to be adhered to when finalizing a tenant. Examples of restrictions are - not allowed to keep pets, renting to only family and not bachelors or spinsters, renting to vegetarians only etc. Due to such restrictions certain properties may not be available to tenants.
Move-In & Move-out Charges
Some resident owners associations’ have restrictions and rules for move-in and move-out of tenants from the apartment or villa complex. A tenant should be willing to bear this cost when applicable to be able to rent the property.
Previous Renting records
Rent management companies may communicate with the previous landlord to evaluate the tenant's behavior, attitude and paying abilities. This process helps companies to assess the best tenant for their property. They can timely screen out the unwanted and uncivilized renters that can cause a headache in future.
References
Any reference in a tenant’s application can increase the chances of acceptance. This reference can be from the employers, relatives or recent landlord of the tenant. The companies give due consideration for such references while evaluating the renter. For More Details visit:- http://sangau.com/
