Check for Internal Consistency
Once we've assembled the picture the applicant we now take a look to make sure the story makes sense. If it doesn't make sense, it isn't true. There are many examples of this we've seen during our years as property managers but here's one example.
A 54 year-old female applies to rent a property. She intends to let her 25 year old daughter live with her. However the mother has a large home in Mclean. She owns that home jointly with her husband whom she is not divorcing or separating from. The story doesn't make sense. The mother has no intention of moving in, she is trying to cover for her daughter's bad credit / lack of income or whatever. It's even possible that she is participating in the scheme because she wants us to have the tenant from hell, rather than have the daughter move in with her and her husband in Mclean.
Our Five Step Process
- We Check The Applicant’s Credit History
- We Investigate The Applicant’s Criminal History
- We Investigate The Applicant’s Rental History
- We Look For Internal Consistency In The Rental Application
- We Want To Know If The Applicant Can Afford The Rent
Property Management Basics
Nesbitt Realty is trusted by local homeowners as well as overseas and out-of-state homeowners alike. We work for real estate investors and trusts, but most of our clients are just everyday people who need us to help them manage their property. Although some of our clients are genuinely wealthy and have us manage multiple properties that have no mortgages, the majority our clients are “mortgage landlords”. A mortgage landlord needs the rental income to pay the mortgage for the property. For many of these homeowners the property that we manage may be the single largest investment interest in their life.