Ep013: The "Right" Approach to Tenant Screening – What to Expect from Your Property Manager (Part 6)
In this episode of the Landlord Profitability Playbook Podcast, Chris McAllister, along with co-hosts Laci LeBlanc and Gretchen Mitchell, dives deep into the importance of a clear and non-discriminatory tenant screening process and break down how to ensure your property manager is following HUD's updated tenant screening guidelines, issued in April 2024.
While the topic may seem dry, it's critical for any landlord or property manager to understand how a fair, consistent, and transparent applicant selection process can impact their investments. Whether you're managing properties yourself or working with a management company, this episode will help you evaluate your current practices to stay compliant and profitable.
Key Takeaways:
- HUD’s 2024 Guidelines: Learn how these updated guidelines aim to protect tenants from discriminatory practices, and what this means for landlords and property managers.
- Fair Housing Laws: A review of fundamental fair housing principles using Ohio’s laws as an example, covering federal and state compliance for tenant screening.
- Using Technology Responsibly: Explore the role of advanced technologies like AI in tenant screening and how they can inadvertently lead to discriminatory practices if not handled correctly.
- Best Practices for Tenant Screening: Tips on how to use relevant, accurate data while maintaining transparency and consistency in screening applicants.
- Publicly Available Screening Policies: Why your property manager should have clear, written screening policies accessible to the public and how this protects your investments.
- Practical Tips for Owners: How to evaluate your property manager’s screening process and ensure compliance with fair housing laws.
- Importance for DIY Landlords: Even if you're managing your own properties, implementing these processes can protect you from liability and improve tenant quality.
Quotable Moments:
- "Screen in, not out." - Chris McAllister on how property managers should focus on finding qualified applicants rather than excluding them.
- "Your property manager’s mistakes become your mistakes." - A reminder from Gretchen Mitchell that landlords bear responsibility for any discriminatory practices carried out by their property manager.
- "Fair housing isn’t just about compliance, it’s about profitability." - Laci LeBlanc on how implementing a fair tenant screening process leads to better tenant outcomes and stronger investments.
Resources Mentioned:
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