We’ve all heard the adage ‘prevention is the best protection’. But, how is that relevant to Real Estate? Its all in the tenants! It is every landlords fear that when you lease your house out, you end up with a nightmare tenant. The one who trashes the house, fights with the neighbours, never pay on time and have a never-ending maintenance bill. This tenant will make both your life, and the property manager’s life, hell.
Good tenants are out there, and making a good choice in candidates from the start will make a huge difference to your property. A good tenant will pay on time, look after the house and garden, have minimal wear and tear, and reduce the maintenance costs. If you look after them, they will look after you!
Property Management
The first step to finding good tenants is in sourcing a diligent property manager. A good property manager will go through a strict application and interview process for potential tenants to help weed out the bad ones. Property manager’s should get on top of arrears and maintenance issues before they become bigger issues.
Good flags
People who might raise a good flag in their application are expectant mothers, or pet owners. The wear and tear to the property may be slightly higher than other tenants, but they are likely to stay for longer lease periods, which can save the owners in re-letting fees, and vacancy periods.
Bad flags
People who have questionable rental history are a major red flag. They might be hiding some past history from you. Your property manager will be able to reveal any major problems with an applicant’s rental history, like major damage and arrears.
All in all
The ‘perfect tenant’ means something different to each landlord. To one it might mean that the property is sparkling clean, and being a bit late on rent isn’t that big of a deal. To another landlord, having rent paid in advance, even if the property isn’t sparkling is more important.
The property manager should have good communication with the tenants, and the landlords. This will help to get on top of any issues as they might come.