4.0 hours Property Management Course Syllabus
4.0 Elective Hours.
Tenant relations start during the selection process. The goal is to choose tenants that will make rent payments on time; keep their units and common building areas in good condition; plan to rent their units for a reasonably long time; and will get along with fellow tenants.
All prospective tenants should complete a standard application, even for a simple residential property as it allows for the efficient collection of complete data on every applicant; and it ensures that each applicant is asked the same questions, which helps avoid discrimination or the appearance of discrimination. The rental application must include the prospective tenant's written authorization to perform a background check. Property managers can use screening services to gather legal, personal, and financial information about prospective tenants. These service providers use several databases. If the screening service discovers that the applicant is a sound prospect, the property manager further investigates the prospect to determine employment history, financial status, and rental history including contacting previous landlords.
Tenants should be notified of acceptance or denial of their applications in writing, even if the property manager calls them. A denial letter should explain why the application was denied. Per the Fair Credit Reporting Act, denials based on credit history must be provided in writing and include the names and addresses of the screening agencies that provided the financial information. Once tenants have been selected, it is imperative to have them sign leases as quickly as possible to ensure that they do not sign leases with other property management companies.
This course covers how to select quality tenants as well as other accepts of property management. Case studies are provided to aid in understanding.