Quality Control and Tenant Screening: How To Ensure Your Tenant Is A Keeper

If you and your tenant are going to have a long, happy and fulfilled relationship, then it’s important to have a qualifier in place to ensure your tenant ticks all the boxes. This guide is intended to highlight everything you need to know to become a tenant screening expert or what your property management company should be carrying out for you.

Why is tenant screening important?

Ensuring you screen your tenants and knowing how to carry out a tenant screening check is crucially important to your investment strategy. One if the biggest factors that deters the success of an investment property is the quality of your cash flow aka your tenants. (The biggest factor is the quality of your property and its location, which if course impacts the type of tenant you attract).

Here at Benchmark our tenant screening process has been designed to be thorough and transparent to ensure our landlord clients are left with only the best quality tenants in their properties. For every application we receive, we carry out strict tenant quality control checks from employment confirmations, national tenancy database checks to eCourts checks for pending criminal charges (you’d be amazed at how many agencies skip this!).

It all starts with determining your conditions and measuring

The tenant screening process should be developed around your end goal which, should focus on what type of tenant is going to stick around and look after your property. There are lots of measurements you can use to make that assessment, but the most important attributes are the non-negotiable and fundamental areas such as:

Some property management companies are very strict with their tenant screening and selection process and use numerical standards to quality score. Realistically though, what we have outlined above is the absolute minimum that we carry out as part of our tenant screening process and provides a great basis for finding and accepting a quality tenant.

Pre-Screening Your Tenants

As rental market demands change in your city and suburb, the tenant screening process can create some challenges as rental prices become more competitive. If your property has a lot of local competition, the higher your chances are of receiving ‘bargain shoppers’. If your property is in an area where there are lots of rentals, rental demand is low, and your competitors are out-pricing you, prospecting tenants may anticipate desperation in the market. You may be forced to forgo some of your criteria to avoid having a vacant property.

To circumvent this, it’s so important to enlist the help of a local property management company that understands the local market conditions and how to position and price your property to stay ahead of the trend. The property managers at Benchmark are committed to staying abreast of industry trends, changes and efficiencies in our services to clients. We have made it our mission to understand not only the market conditions of Australia and Western Australia, but specifically the northern suburbs and growth corridors of Perth. By understanding specific local conditions, we have been able to support our clients with specific market trends and stay ahead of the rental demands.

Aside from ensuring you invest in the right area and have the right knowledge to back your investment strategy, there are a few tactics you can implement to ensure your tenant pool is clear on your expectations and they perceive the value of your property.

Remember, every ‘poor quality’ tenant that you can deter or turn away before they apply is one that you won’t have to spend time and money tenant screening.

Finally, property investing is a long-term strategy so, carrying out a proper screening on your tenants can ensure you only attract and accept the best quality tenant. What’s more, once you find a quality tenant, it’s equally important that you hold onto to them by providing a great property management service. If you need help to find the best tenant for your property, then we’d love to help you! Our tenant screening process has been regarded as one of the best in Perth so, if you’d like to ensure your property is looked after by a great tenant that in turn is looked after by a dedicated property manager, simply go here for a no obligation chat today.

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