The choice of tenants can affect rented property value and its financial returns and have other far-reaching implications. Therefore, of the different activities that rental management companies in Baltimore, Maryland carry out, it stands out. If you are keen on rental home property management in Baltimore county or perhaps just an enthusiast of real estate, this is for you!
Screening usually kicks off with the payment of an application fee by prospective tenants. For rental home management companies in Baltimore, Maryland, this is usually non-refundable. The fee spares applicants the financial strain of covering screening by themselves at higher costs. After this, the following ensues:
1. Confirmation of Identification
Applicants tender a copy of a valid proof of identity for submission. This could be a Social Security card, a Driver’s License, or a passport. In the case that prospective tenants are not natives, an alien card would suffice. We look into these papers to ascertain their validity.
2. Income Figures and Employment Profile
We also demand proof of employment and other details like the modalities of their employment contract, its duration, and their earnings. Ideally, the employers of these prospective tenants append this info with a letter. We may also require bank statements and tax information. While all these may seem a bit intrusive, it is for the best. A rich knowledge of a prospective tenant’s financial profile will help us understand if renting out property to them is a wise choice or if it will prove troublesome in the long run.
3. Criminal History
The last thing a landlord needs is to have notorious people on his property, perpetuating their questionable activities. This could put other people in the community at risk of harm, and it could also sully his reputation as well as that of his property. Therefore, we tend to be stringent with this. For example, if an individual’s history of repeated sex offences comes to light during screening, his chances of securing the property plummet – for a good reason.
We also look into references from old landlords and people from their previous business endeavours. Stellar feedback bolsters a prospective tenant’s chances of securing a property. Usually, the details are about how often applicants paid their dues, their business demeanour, and their relationship with these people. Unsavoury feedback like cases of previous evictions, dubious activities, and the like could sully applicants’ chances.
5. Credit Score.
This information is usually accessed upon securing permission from applicants. Generally, high credit scores are a good thing. However, a low score is not totally bad news. It causes their chances to dip a little though. To compensate for this, they would be required to fulfill more stringent or more tasking obligations than usual as they go on. After all, their financial credibility is under question. In other words, they might need to pay a larger sum of security deposit if they ever get approved.
In conclusion, honesty is a crucial factor during selection. Applicants who manipulate data to suit them or those who leave out important details hurt their chances. Also, if applicants are new to the rental market and don’t have a history of payment, the rent history of credible co-signers is acceptable.
Rental home management in Baltimore county is a necessity for property owners in the area for sustained value and hitch-free running of activities on their properties. To avail yourself of these benefits, reach out to us today!