Basics of Property Management: Screening Potential Tenants
A Place To Start When You Decide To Buy Your First Home
Jesse Obrien
If you are thinking about buying your first home, then you should start learning about the basics of real estate. You can find some very helpful information for beginners in this article. Here are some things you want to know about real estate and buying a home.
Do you really need a real estate agent?
Anyone who is going to be purchasing a home can benefit from working with a real estate agent. However, when you are new to the home purchasing process, it is especially important for you to work with a real estate agent. They will walk you through the entire process, be there to answer all of your questions, and provide you with other important information. They will also be a huge help when it comes to finding the absolute best home for you and your family, in a quick amount of time, and for a price that works best for you.
What does 'MLS' mean?
When you begin looking for a home, you will hear the term 'MLS' quite often. This is the multiple listing service, and it is a network of listings of homes and properties that are being sold. The MLS will list information about the properties being sold as well as the listing price and the real estate agent who has listed the home. The MLS is one of the main sources real estate agents turn to when it comes to finding homes their buyers may be interested in.
Why do you have to be pre-approved before you start looking at homes?
When you decide that you want to buy a home, one of the very first steps in the home buying process will be to get pre-approved. This is important for several reasons. For one thing, the pre-approval process will let you know how much you can borrow. You are going to need this information in order for you to know that you are viewing homes you would be able to purchase from a financial standpoint. Also, when you get pre-approved, it lets the real estate agent know that you are in the financial position where you will be able to get a loan to buy a home. Getting pre-approval also lets the real estate agent, as well as the sellers, know that you are a serious buyer and not just someone who is looking around carefree.
Keep these tips in mind when looking for a real estate agency, such as Michelle O'Connor Real Estate.
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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.