As a Realtor, I get so many pieces of marketing material by mail and through email, that I often find myself ignoring them. Today, I actually read one of the emails from a local Realtors' association, and I actually found a helpful reminder regarding landlords' consideration of tenant applications.
In Texas, the property code allows owners seven days to respond to a rental application. After seven days, the application is deemed rejected. Landlords are also required to supply applicants with tenant-selection criteria, and if they fails to do so, is required to refund the application fees of any rejected tenants.
In my experience, many landlords and agents have let these requirements fall by the wayside. It is important to remember that these requirements are meant to protect both tenants and landlords and help keep landlords accountable. I for one, am going to help my landlord clients develop specific tenant-selection criteria and will encourage them to keep applicants informed of the criteria.
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Nice reminder. When I tell folks all that is involved with property management the notion of an "easy rent check" each month is quickly erased.
....OR have them hire a professional property manager with the RESOURCES to properly screen applicants in a FAST and EFFICIENT manner and notify them of their approval with the proper notice and collection of move-in monies.
Doug and Wallace, Nothing worth doing will come easy. Sometimes we try to hard for something that's not worth it... But, we learn from our mistakes... A good property management group is hard to find in my area. I finally found one that is pretty darn good. There is one big PM group in my area that's terrible, and nobody can really hold them accountable. Thanks for the comments!! Cheers....
Mark, Indeed. As a Realtor witnessing this one PM company in particular, it pains me to see them acting neither in the landlord's nor the tenant's best interest. They in it purely for themselves. Don't they have fiduciary duties that separate them from just a regular for profit company?? Mark, thanks for the comments! Cheers...
Brian
Wow! Things vary from state to state. We practise in AZ.