As you recall from the first portion of this Colorado Springs property management how to, we left off with having and utilizing a list of minimum qualifications. Now we are really getting into the fun stuff! You have a tenant who is interested in the property, they have reviewed and agreed to meet or exceed the minimum qualifications and they are ready to see the property! You meet them and they fall in love, it’s everything they have ever wanted, they rush home and complete your application which you will use to confirm their qualifications.
You have processed their application, spoken to current and previous landlords, verified employment, and the prospective tenants pass with flying colors! You should approve them (preferably in writing, we use an official notice of approval form), and get them ready for move in. By this time you should already have lease docs available for them to review. I prefer to send them blank lease docs, answer questions or concerns that they have, then follow up with final copies. I use mostly e-mail and e-signatures for this but it can be done with faxes or hard copies.
Ok you are really rocking and rolling now! Tenant’s have reviewed the lease and signed final copies, the home is clean and rent ready and the tenant’s have signed the lease packet! Congratulations on your new tenant who is qualified and quality! This should really make the rental process easier on everyone. They are comfortable knowing they have a responsible, responsive, and competent landlord. And you are comfortable knowing you took the time and had the resources to verify your quality and qualified tenant!
This process works with commercial, residential, multi family, or just about any rental property. The key to long term success is maintaining the property, upgrading as needed, and finding a tenant who is willing and able to maintain it for you
I hope this 2 part series will help you in your landlording adventures! If you have questions or comments feel free to leave them here or email me directly. Thank you for your participation and I’ll be back soon with more real estate how tos!
