Screening prospective residents affects every other aspect of managing rental property. On average, well qualified residents have less lease violations, are more likely to pay rent on time, and return rental properties in better condition at move out. Prompt rent payment and quality care to your rental property, equates higher Net Operating Income (NOI). Qualification standards vary according to the property. A home that rents for $1800/month will have different qualification requirements than an apartment that rents for $300. Jacob Grant uses the highest requirements possible for the class of the property. In addition, our marketing offers attractive benefits to highly qualified residents.
Jacob Grant verifies that tenant’s income is at least triple what rent is. This verifies the tenant’s ability to pay rent and still have funds to pay other living expenses.
Past Landlord Referral
Jacob Grant Property Management must be able to verify the past 2 years of rental history and the previous two landlords if possible. Considerations are sometimes made with home owners. Applicants that don’t meet this requirement must have a co-signer or a higher security deposit.
Credit scores are indicative of tenant behaviors such as prompt rent payment and care of rental property. Score qualifications depend on the class of the property. To attract highly qualified residents, prospective tenants with a credit score above the standard can qualify for a reduced security deposit. Prospects that have a lower credit score may qualify with a higher security deposit or a co-signer.
A full background check is completed on all applications in addition to a review of the Idaho Repository.
Fair Housing makes it illegal to screen based on race or color, national origin, religion, sex, familial status, or disability. Jacob Grant Property Management makes no exception to these rules. Some situations oblige the landlord and/or Jacob Grant Property Management to make reasonable accommodations for people with disabilities.
To sum it up, NOI hinges on effective screening practices. It is very important to look at the whole package. Some situations require exceptions if all other aspects are acceptable. Examples of exceptions include medical bills and a foreclosure.