Property Management Blog
How to Find Great Albuquerque Tenants for Your Home Rental
Near flawless credit scores may not tell you the truth about a potential tenant. While an exceptional credit score is certainly important, it isn't the only sign of a applicant's stability. If you place too much emphasis on a credit score and not the other data included in the credit report, you could miss a great tenant for your Albuquerque rental property.
What's in a Credit Report?
Credit Reports can contain late payment information on credit cards, store credit accounts, and car payments. They can also include the person's social security number, previous residential addresses, and any past and current employers.
When considering the report's information, it will be necessary to verify employment, previous rental history, and phone numbers. Credit reports aren't complete records and don't tell the whole story. Many landlords don't report late rental payments, and other tenant issues aren't found on a credit report.
What Else Do You Need to Ask the Applicant to Provide?
Look for other equally important information by requesting documentation regarding employment, rental history, and criminal records.
Employment indicates whether the applicant has the money to pay a regular monthly amount for rent. Current pay stubs should cover a previous amount of time, such as one to three months. Asking for a supervisor's name and phone number may make sense, too.
Rental history or mortgage payment history might be included in the credit report. If not, request addresses of the last several rental properties or properties owned (Yes, people who rent may have formerly owned a home just like you.) and the landlord's name and phone number. You'll want to verify actual ownership of the property through county property records.
A criminal record report is different than a credit report. There are companies who can provide you with both a criminal report and a credit report. Most criminal reports include a photo of the offender, the dates of the offense, a legal description of the offense, and information about conviction. Sex offenses, sexual or physical abuse, and violent offenses are all reasons to refuse an application.
Legal Reasons You Can Reject an Applicant
Landlords are not required to provide housing for people who have histories of violence or criminal activity. Other information may be revealed during the application process that lets you know the person isn't a good fit.
You can legally pass on an applicant because they:
Don't make enough income: Typically, apartment rental applicants must prove they make 2x the amount of rent to become a tenant. In the single-family home rental market, it's usually 3x the amount of rent. Property management companies often use a predesignated formula that uses all financial data, not just income, to make a final judgment about financial capability.
Smoke: No smoking is a typical requirement for tenants in both apartments and homes. Nicotine and marijuana smoke permeates drywall and construction materials and can ruin the value of a home.
Can't prove income: Once you have the pay stubs in hand, you'll want to verify them with the HR department of the company that employs the applicant.
Have arrest records and criminal convictions: Any violent or questionable activity such as vandalism, arson, trespassing or theft are reasons to reject and applicant. Convictions for murder, assault, rape, or abuse should automatically result in a rejection.
Have a prior eviction or a history of not paying rent on time: Previous landlords can tell you about past rental history. Sometimes the credit report will reveal information that alerts you to an ongoing tenant issue.
Incomplete applications: You can't be certain about an applicant if they aren't forthcoming with personal information.
Making a Final Decision Based on the Data
If the person has missed a few payments in the past, but has corrected the problem, they could still be a good tenant.
It's important to follow all federal housing regulations. This includes meeting federal guidelines for private rentals and not just public housing.
Discrimination on the basis of gender, sexual orientation, race, color, national origin, religion, disability, or marital status is against the law.
We find awesome tenants!
At Tyson Property Management, we work with our applicants to ensure an accurate picture of their ability to pay comes forward during the screening process. Stable income and a history of paying rent on time are important factors we review. Tenant screening requires an attention to detail and the gathering of complete information. Our property management professionals are skilled at finding and managing tenants for our property owners.
Find out more about why owners choose Tyson Property Management to take care of their real estate investments. Contact us today 505-323-2104 to speak to a Albuquerque property management specialist about your landlord needs.
Adding residential rental properties to your investment portfolio is a smart, steady way to increase your annual financial return. Albuquerque and Rio Rancho property owners are seeing a continual uptick in rental rates for single-family homes.
Can You Handle These Property Management Challenges?
If you've never been a landlord before, then you need to know what's involved and why local residential property owners turn to Tyson Properties for help. Managing a rental home requires a reliable level of response throughout the duration of a lease.
These are just a few of the things you can expect to face when self-managing your first residential rental home:
- Phone calls from tenants in the middle of the night
- Unexpected plumbing emergencies
- Broken appliances
- Unpaid rental payments
- Ongoing repair requests
- Tenant HOA violations
- Court filings
- Managing the application process
- Requesting criminal background checks for all applicants
- Ongoing property viewing
- Rental advertising
- Following federal housing regulations
- Following state and local landlord laws
Buying More Rental Properties Means More Of Everything
When you add multiple investment properties to your growing portfolio, you have the opportunity for an even greater financial return. You also multiply the challenges of being a New Mexico landlord. Handling home rental property management in Albuquerque and Rio Rancho is our specialty. Our company is fully licensed, and our managers are trained to deal with all kinds of property issues.
We Solve Problems for Landlords
Managing your rental home does not have to be a challenging experience unless you want it to be. Engaging our team of knowledgeable property managers can actually make the landlord process fun. We're here to handle the emergencies and challenges while depositing rental income into your bank account.
Don't get stressed about late rental payments or ongoing tenant problems you have no control over. We don't get paid unless your property is rented and earning rental income. Working with Tyson Properties is convenient and safe. We're diligent about improving our processes and ensuring the technology we use is current and beneficial to our owners and tenants.
Having a professional management firm handle your landlord operations can ultimately raise the profitability of your real estate investments. Find out more about managing your rental home with Tyson Properties by calling 505-323-2104 today.
There's good news regarding NASDAQ traded semiconductor giant Intel and their economic impact on the Albuquerque – Rio Rancho Metro area.
Intel is hiring.
According to The Albuquerque Journal: “Intel will soon host two job fairs in New Mexico, one at Central New Mexico Community College main campus Monday [April 29th] and another at Kirtland Air Force Base on May 3.”
In 2018, Intel transferred the development of new storage and memory technologies to the Rio Rancho New Mexico plant. The development of 3D XPoint, which is the latest class of storage and memory technology, means the ability to deliver a faster, denser and non-volatile experience for Intel's customers. Intel has a well-developed technology leadership position providing a broad portfolio of ISSD products designed around 3D XPoint™ memory media.
Intel's Investment is an Opportunity for Property Owners
Sandoval County Commissioner Jay Block says: “Thanks to some technological breakthroughs and advances, Intel is reinvesting back into our community and into their plant.”
Development that creates new products helps Intel diversify beyond traditional computer processing. With an increase in employees comes the need to move folks closer to their work environment. Rental homes in the Rio Rancho area and along Albuquerque's west side offer excellent income opportunities for real estate investors.
New Mexico is a great place to do business, and the Albuquerque Metro area provides a large pool of both trainable and qualified workers.
Tyson Properties manages single-family homes for a large base of smart real estate investors. Albuquerque real estate rental trends currently include a steady climb in lease rates, and our homeowners are pleased. Periodic newsletters keep our Property Owners up-to-date on local sales and rental market trends.
Call us today at 505-323-2104 to speak with a knowledgeable property manager about placing a home into the local rental market.
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