Chart of Credit Scores
To develop consistency and supervisory oversight in our qualifying procedures we developed a chart to identify who an application needs to go to in the office for review. We let assistant managers approve certain applications, managers another group, senior managers another and only the broker could approve certain applications. For example, we wouldn’t let an assistant property manager approve someone with a 500 credit score, a comfort pet, a past bankruptcy, a co-signer, a quick move in, multiple pets or a recent eviction without senior staff involvement. There were things only the broker could approve in our system, usually because they had a greater chance of developing some kind of conflict. We developed this internal tool to manage the application process and make sure the better trained staff had an opportunity to approve or deny the harder applications. As you grow your staff this tool becomes more and more important to your qualifying process.
Protect Yourself From Tenants
The longer you’re in property management the more you realize that it’s sticky, often hostile, and sometimes even litigious. Over 35 years we’ve been burned many times by tenants and after the second or third time (we’re slow learners), we go back to the attorney and have them draft a document that prevents it from ever happening again. Blaming the property manager has reached an all-time high and isn’t going away anytime soon. So, understanding this reality, smart managers need to spend extra time, money and effort building and crafting documents designed to protect themselves, even from those they are trying to serve. We’ve pulled these documents from our archives and have listed them here for your review and individual download (or in packages by topic). We’ve laid them out in the Property Management Life Cycle categories to give the discussion some order.
Protecting yourself from tenants is what these documents are all about.