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Maryland has one of the hottest real estate markets in the country. That is great for commercial property owners, but it also means more competition for finding quality tenants.
Tenant screening is necessary to ensure you are renting reputable tenants. It can be arduous and time-consuming though. The good news is that there are some things you can do to make it as smooth and efficient as possible.
This article covers some tenant screening best practices. Keep reading to find out how to find quality commercial tenants for your Marlboro rental property.
Understand the Law
The first step in effective tenant screening is to understand the laws and regulations that govern it. There are federal and state statutes that lay out what practices are and are not appropriate for doing background checks.
These include everything from obtaining written consent to reasons you can deny a lease. It is vital to familiarize yourself with such rules so that you are in full compliance with the law.
Put Together a Detailed Application
One of the most important things you can do to ensure thorough tenant screening is to ask for the right information on the rental application. For starters, get details about the business.
This can include business plans and financial statements. You also might ask for relevant licenses and permits.
Ask for contact information for references, such as previous landlords. Getting the right information at the outset can reduce the need to track it down later in the leasing process.
Verify Background Check Information
There are many different third-party companies for getting relevant background information. Some are better than others.
Read reviews of potential services. Make sure they use reputable programs to get background information.
Regardless of how you choose to run checks, be sure to verify the information. If there are any red flags regarding credit, criminal history, or eviction history, follow up to ensure you are getting the full picture.
Consider Outsourcing
There are many advantages to outsourcing commercial tenant screening. First, it can save you loads of time and hassle of taking it on yourself.
It also can produce more accurate and thorough results. Property management companies will have access to software and programs to run comprehensive, nationwide background checks.
That translates to guaranteed legal compliance and report accuracy. This could shield you from potential discrimination claims.
Finally, outsourcing these tasks can streamline the tenant placement process. That translates to getting renters into the business space faster.
This reduces vacancy losses and increases your profits. It also helps produce a better experience for the prospective tenant.
Find a Tenant Screening Service Near You
Now that you understand some best practices for tenant screening, you can find the highest-quality renters for your Marlboro property. Remember that outsourcing this service to a good management company can save lots of time and yield better results.
PMI EXPerience is a full-service property management company serving Marlboro County. We offer residential and commercial real estate services, including tenant screening and placement. Reach out to us today to schedule a free consultation.
