We recently discussed ways on how to keep your tenants happy. Similarly, you tenants should also provide you the peace of mind you need when it comes to renting your property. Looking for the right tenant is crucial for the success of your rental property. A bad tenant can cause you years of stress and financial loss when problems arise, and your property is compromised. Though there is no 100% guarantee of a perfect tenant, there are telltale signs that can indicate whether or not they’re good tenants. To evade potential problems from having a bad tenant, we share the qualities you should look for when you want security, peace of mind, and financial gain.
As a landlord, one of the most essential qualities to look for in a potential tenant is their ability to afford the rent. It's only natural to find a financially responsible tenant who not only has the ability to pay the rent but also pay the rent on time. A way to ensure that a potential tenant can afford to pay monthly rental fees is to require proof of their paycheck with an income equaling at least three times the monthly rent. Landlords believe that an income with this amount is sufficient for tenants to pay the monthly rent.
Cleanliness is essential when you want to maintain the quality of your rental properties. Basic upkeep such as cleaning the shower and faucet drains, retaining the paint job of your walls, or keeping the floor tiles clean are important aspects in keeping the quality of your rental homes. You can show your inquisitiveness by asking potential tenants whether they practice basic household chores or cleaning tasks. In this way, you can choose tenants who will more likely keep your properties clean and in good shape. Plus, it's only expected that no tenant ever stays in one property forever. When it's time to go, they also need to leave the property in good condition for the next potential tenant. That's why it's important to look for tenants who are clean and responsible enough to take good care of your property.
A quick background check wouldn't hurt when looking for potential clients. Look into whether or not they have engaged in illegal activities as their negative record can cause you future problems at your expense. You can also look into their credit history. A tenant's credit score will reflect whether he pays his/her bills on time, how much debt he has, and what type of debt he/she has. This can indicate whether he or she has had a history of uncollected rent or unpaid damaged property fees. All of which can significantly affect their application process when renting with you.
There are numerous ways a dishonest tenant can fool you. It may be in the form of lying about late rental payments, finding an excuse why his/her check bounced, or misinformation about his/her application. As a caution, you can always verify the information on your tenant's application. You can verify their ids or call his or her employer to countercheck the salary he/she stated. This is a way for you to know whether your tenant is trustworthy and honest.
You can never go wrong with a respectful tenant. When you have a tenant who respects you and your property, you're less likely to get involved in stressful situations that can eat away your patience, time, money, and energy. Remember, it's going to be challenging to determine whether you've got yourself a respectful tenant, so trust your instincts on this. A disrespectful tenant will take advantage of you through making late payments and they may abuse you by taking little regard of your property and their neighbours.
Truth be told, a perfect tenant isn't so easy to find. However, if you keep in mind the right ways to screen your applicants, you can easily weed out the bad tenants and say yes to more qualified ones. When you’ve succeeded in this process, you're well on your way to a stress-free journey as a property manager.
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