While no one loves getting constant unsolicited feedback (i.e., complaints), there is a great amount of value in thoughtful critique accompanied by recommendations for improvement. A prospective tenant who offers insight into their journey through the rental process could help the landlord make strategic improvements in marketing and the tenant onboarding experience. These prospects believe in being a part of solutions instead of just complaining about a problem. As tenants, these individuals will work with the landlord or property management company to make processes such as rent payment, maintenance requests, lease signing, and lease renewals easier and more efficient. They will find ways to help the landlord save money while enhancing the level of service - which is a win-win for all involved. A prospective tenant who demonstrates patience with the application process and respect for the landlord’s team, has a strong potential to be easy to work with as a tenant. Their ability to consider the needs and workloads of others will translate well if they become a tenant. They will demonstrate these tendencies with the landlord, property management team, vendors, and neighbors. These tenants will give consideration and be more likely to receive it from others. This person becomes the sort of tenant who can rationally address issues. Even when they don’t get their desired outcome, they will appreciate the fact that they were treated with respect. In turn, they will continue to offer that respect to the landlord.
THE CONSIDERATE CONSUMER
THE INSIGHTFUL IMPROVER
• On-time rent payments • Hazard-free rent increases • Proactive reporting of maintenance issues and more.
Tenant selection is one of the most critical decisions a residential landlord will make. This placement influences the net operating income (NOI) and value of the investment property. Putting the right tenants in place will increase the likelihood of having
Sometimes it may be necessary to enhance the tenant screening process beyond an application. Landlords should look further to determine if a tenant prospect in the “MAYBE” category can be moved to a “DEFINITE YES.”
ANDREA HARDAWAY President and Founding Partner of First Property Management Author of Property Management Freedom (423) 475-7368
Andrea Hardaway is the President and Founding Partner of First Property Management. Founded in 2015, First Property Management provides residential and commercial management services in Greater Chattanooga and surrounding areas in Georgia and Alabama. As one of the fastest-growing property management companies in the area, First Property Management has become a magnet for real estate investors focused on growing their property portfolios. In addition to her work with First Property Management, Andrea helps other property management leaders pivot from stressed-out business operators to strategic business leaders. As a strategy consultant, commercial real estate developer, and owner of a fast-growing property management company – Andrea is a visionary who specializes in bringing order to chaos and doing so in a way that uncovers opportunity, streamlines operations, and increases PROFIT!
Disclaimer: This article is meant to be a guide when considering multiple tenant applications for limited properties. It in no way is meant to replace the Fair Housing Act, state, or any other regulatory mandates.
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