Woodbridge Property Management Blog

Local Property Management News

New Landlords - we request that you read through all of our blog entries as some of the older posts contain the most important information that we’d like to share.

Immediate Move-In Requests - Red Flags!

Michele - Saturday, January 11, 2020
Property Management Blog

On December 23rd, our listing agent received a call from a prospective tenant requesting to view one of our managed properties that had painting in progress.  The property was scheduled to go on the market in the next few days.  The prospective tenant asked to view the property that day, even though it was not yet ready-to-rent.  Our agent scheduled an appointment that afternoon.

The prospective tenant loved the house, was willing to accept the home without the painting being completed, and was requesting an immediate move-in date.  He explained that he was moving from Maryland to Woodbridge to care for a sick family member.  He wanted to occupy the home within 2 days since his family members would be able to assist with the move over the holiday.  The applicant stated that he had excellent credit and substantial income.  He completed an online application within 30 minutes of viewing the property.  He also offered to paint the home himself so that he could move immediately rather than waiting for the scheduled work to be completed.

Most self-managing landlords would be excited about this scenario and the option of having the home rented before the new year.  Most property managers immediat...

Involving the Landlord in the Application Decision Process

Michele - Sunday, April 8, 2018
Property Management Blog

Because many of our landlords rely on incoming rent to pay their monthly mortgage, we feel it is important for them to be involved in the application vetting process.When we screen perspective tenants, we run a credit and criminal background search, verify employment/income, and obtain rental or mortgage history. A qualified applicant will have:

  • Monthly income greater than 3 times the monthly rent
  • Paid all rent on-time for the past two years
  • Paid all other credit accounts on-time for the past two years
  • A credit score greater than 650
  • No criminal/felony history for the past 5 years

For each processed application, we will provide the landlord with a high level overview of the verified information obtained during the vetting process. We will also provide the landlord with a recommendation using a Red/Green/Yellow paradigm.

Green applications are those that meet all of our qualifying criteria. We recommend the landlord proceed with accepting the applications subject to the details of any pets or tenant requests.

Red applicat...

Strict Decisions Upfront Lead to Positive Results on Rental Payment Performance

Michele - Sunday, February 5, 2017
Property Management Blog

Over the past 9 years, we have placed over 700 tenants into our 350+ managed properties through our listing and vetting process. Only ½ of 1 percent of those tenants have been evicted. During the same time period, we began managing another 50 properties with tenants already in place. For the 50 properties where we took on management of a property with tenants that had been put in place by the landlord or another Realtor prior to our management of the property, we have evicted over 5% of those tenants.

While there is no organization that is compiling statistics on local or national average/expectation for eviction rates, I am confident that our success rate for on-time rental payments is due to our strict and consistent application process. We require applicants to earn a gross income that is greater than 3x the rent payment, to have paid rent on-time for the past 2 years, and to have paid all other bills on-time for the past 2 years. We also run a criminal history background check to further verify there have been no recent drug related or violent charges.

Once we process an application, we provide the owner with a Green/Yellow/Red risk indicator and a recommendation as to whether ...