In this video, we will provide more detailed information about our leasing process, beginning with how we screen potential tenants for your property. As a reminder, if your property is currently occupied, this information will become important when that tenant vacates the premises and the property is marketed for a new tenant.
The applicant screening process that we utilize ensures we place qualified tenants in your property. Specialized utilizes a proprietary tenant scoring system that reviews the applicant’s data and compares it to actual rental performance records. This system not only determines a tenant’s ability to pay rent, but also accurately predicts their willingness to pay, allowing us to more accurately anticipate the tenant’s future payment activity. In addition, we utilize a national credit reporting provider to obtain a prospect’s criminal and credit history. We screen, all applicants, and either approve or deny an application in strict compliance with fair housing laws. Once an applicant is approved, we will notify you of the approved application. And on your behalf, as your property manager, we’ll enter into a lease agreement with the tenant. Our real estate attorney drafted leases, are electronically presented, signed and executed. Upon execution of a lease agreement, it will be uploaded to your owner portal where you can review it at any time. During the leasing process, a security deposit or surety bond is also collected, which is held in a trust account for the duration of the lease. Rental security deposits and surety bonds are managed in accordance with federal real estate laws and regulations.
Most states have additional legislation that mandates how each is to be managed and held. And Specialized ensures we operate in full compliance with these regulations. Please note that all deposits are legally the tenant’s money and cannot be dispersed to owners while the tenant occupies the property. We will discuss the deposit disposition in greater detail in a later video that covers tenant move outs. Once the lease has been executed and the security deposit or surety bond has been obtained, a move-in date is set with the tenant. You’ll be notified of the move-in date and will also receive confirmation that the tenant has successfully moved into the property. Should any issues arise while the tenant is moving their belongings into the property, or if for some reason they are unable to complete their move on the designated day, we will contact you immediately. Again, at any point, during the leasing process, you may contact your dedicated concierge team with any questions you may have.
Our next video in this series will discuss the tenant life cycle, including tenant move in and expectations, collecting rent and periodic maintenance and inspections. See Our Owner Resource Center For More Videos
