How to Protect Your Property when Attracting Financially Questionable Applicants

Another day, another vacancy promoted for one of your properties - with people beginning to show some interest. You’re getting applications from potential residents, but none of them are quite up-to-par. They have a bad credit history, don’t have a high enough income, the same old story. You can’t seem to avoid attracting financially questionable applicants, so what do you do?

When a constant stream of unapprovable applicants is pouring into your system, maybe it’s time to try something new that could incentive the type of renters you’re really working to attract.

  • Offer Savings
    The trick is to not give away the whole farm. You want to attract better residents, but you don’t want to deplete your revenue stream. One option is to offer one month of free rent. The idea of a month without rent is enough to convince additional residents to consider your property. Alternatively, you can go another route, like offering a discount on the security deposit or other expenses. Some people can even be enticed by the idea of an application fee being waived.
  • Upgrades
    Residents love the idea of upgrades and living somewhere that is up-to-date. Update your rental property with stainless steel appliances or add a new washer and dryer. Offer new or upgraded amenities and spruce up communal areas. In order to really modernize your property, let your residents pay rent online instead of dealing with the hassle of checks.
  • Offer a Gift
    Some property managers decide to offer a gift to accepted applicants in order to entice more people to apply. Consider offering a gift card to new residents or providing a flat screen television for the rental property. Instead of giving renters a big discount at the beginning of their lease, offer to provide free internet or a television package for the duration of their lease.
  • Allow Pets
    With so many people owning pets, allowing furry friends could make all the difference in attracting better applicants. While there is some risk when accepting pets, you can counteract this by asking for an extra deposit or some form of pet rent. Set yourself apart from your competitors by catering to this pool of residents, and watch as the applications start to roll in.
  • Wait a Month
    We all know that good things come to those who wait. Sometimes the right course of action is just to wait a month, rather than filling your vacancy with a subpar resident. Since the market is slower in winter and early spring, simply giving it another month until the spring/summer time can open you up to a much larger renter pool.

The most important thing is that you don’t compromise your standards. This could be seen as a discriminatory act down the road and land you in some hot water. In order to make sure you’re getting the best possible residents, proper tenant screening is an absolute must. With CIC’s tenant screening service, property managers have access to an applicant’s criminal history. All of this information combined will allow property managers to properly evaluate residents, and help you select the best occupant for your property.

It’s important to take proper precautions when it comes to protecting your property. Sometimes the perfect applicants aren’t immediately breaking down your door, and that’s alright. It is important to stick to your standards, and perhaps incentivize better renters to consider your property. You can ensure that you’re putting your property in good hands with proper tenant screening and utilizing information about criminal and eviction history. Making good decisions in this regard can make all the difference in protecting your property.

 

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About the Author

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Olivia Creighton is the Marketing & Communications Assistant here at the Resident Screening Blog. She recently obtained a degree in Media Communications from Webster University. In her spare time, she binge watches Stranger Things and works towards procuring her Master’s.