Basics of Property Management: Screening Potential Tenants
A Few Ways To Save Time And Money When Looking At Homes For Sale
Jesse Obrien
Once you decide it is time to put up your home for sale and move to a new one, stress sets in. Part of the stress is related to finding the right home for the right amount of money. To make things easier, you should take a bit of time before you ever begin the search and figure out exactly what it is you need in a home. Consider bedrooms, bathrooms, storage space, and land. You can make a separate list of things you would like but are not necessary. Then take a day and go to a few mortgage brokers to find out how much of a loan you qualify for. With this information you can begin your search, however, keep these tips in mind to save time and money.
Visiting Houses
Whether you are at an open house or visiting a home with an agent, take your time while going through the home. Take notes so you can remember each house you visit. It can be a good idea to take a tape measure with you to measure the rooms so you know your belongings will fit. This will save you from having to visit all the houses numerous times. You do not want to waste gas by having to go back to previously viewed homes.
Open Houses
Look in the newspaper for any upcoming open houses. Take a day and attend as many as you can that fit your needs and price range. Plan a route that will not have you backtracking and wasting time and gas. You can so this without a real estate agent. This saves time because you do not have to schedule dates and times that fit the schedule of an agent and the current homeowners.
Real Estate Agents
After going to the open houses, make an appointment with a real estate agent. Make sure you explain what it is you need in a new home and how much you can afford. Even a few thousand dollars can make a difference in your mortgage payments that will be uncomfortable for you Do not allow the agent to convince you to consider anything that is out of your price range. Ask the agent if you can take a copy of the mulitlist book home to go over on your own time. You can do this while watching television in the evening or even over a family dinner.
After you have seen all the properties that fit your criteria, take a few days to go over them all and pick out your favorites. These are the homes to drive by or visit again. Once you have made your decision on the home you want, put in an offer and begin the buying process.
Share
For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.