As Phoenix Property Managers, we get a lot of leasing calls from out of state applicants especially given how transient the Phoenix metro area can be. Due to our vast experience, we are always concerned about leasing to out of state applicants and here are the top 3 some things to consider about before approving your out of state applicant.
1. Many times out of state applicants own a home in another state but relocating to Phoenix for employment or family which means it is easy for them to abandon the rental property in Phoenix and just move home. Think about it, if you owned a home and rented one which payment would you be more concerned with paying; your mortgage or your rent?
2. Many times out of state applicants are re-locating to Phoenix for a new job - if that is the case do you accept any kind of offer letter? Absolutely not! Our credit requirements require the job to be with a large, national company with an office in the local Phoenix area that can be verified. Also, make sure you call the main company phone line and speak with Human Resources to verify the letter and offer.
3. What about if the applicant doesn't have a job but offers to pay you a few months up front...we say RUN and run fast! It is just too risky to rent to someone who does not have employment secured in the Phoenix area and if they are just going to begin their search when they move into your home who knows how long it will take.
We can certainly empathize that having your Phoenix rental home vacant can certainly hurt your cash flow but allowing a high risk tenant in the long run can end up making your cash flow hurt even more!
RPMWV Phx offers full service Real Estate services including but not limited to property management and real estate purchase/sales transactions. For additional information about our services, please visit our website rpmwvphx.com or reach us at 602-281-2884