Stage One of a tenancy - Receiving Applications
Previously we have talked about the three stages of a tenancy. Stage one is the process of selecting a tenant. We mentioned in stage one the process of showing the property can be used as part of screening the tenant’s suitability for a rental unit. Receiving an application for the property is good news, and is the beginning of the next step in the process of screening the tenants.
After receiving the application it is important to take your time and review the information provided. When Cartref Properties receives an application we review the details of the previous address, place of business where they work and phone numbers of the employer to confirm the information is legitimate. Online searches of address locations can provide details to confirm accurate information. A common practice of applicants is to provide mobile phone numbers of people who are listed as employment references. A review of the company information online and calling the main phone number instead of the number provided, if different, can often lead to identifying inaccurate information.
Verifying information is a difficult process and even with all your due diligence something may slip through. When checking information and confirming details you find you need further information, ask the applicant to provide more for clarification. I have found this often leads to applicants who are trying to hide something from removing themselves from applying, this comes in the form of, I already found something else.
When an applicant is willing to meet your request for further information, this shows a willingness to work with you, and their honest interest in renting the property. One must still verify the new information provided is accurate.
Rushing the process of checking information and due diligence often leads to a negative experience in the rental property. I am amazed when prospective tenants come to view a property and tell me they are looking at another one the same day and then later that day they advise you they found something else. In a tenant favourable market it is more important to do your research, as tenants will play on the landlord's desire to not have a unit vacant in order to rent a property.
“Everything comes to he who waits”, Patience is a virtue, which is hard to maintain.
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Cartref Properties specializes in managing rental units located within Strata Corporations.
www.cartrefproperties.com
