Insider Secrets to Better Tenants
Many landlords act like renting their property is a crapshoot. They roll the dice and hope the tenant works out. Unfortunately, hope is not a strategy and in most cases leads to disaster. The looming vacancy and anticipated rental income losses tend to add pressure to the landlord to fill the property quickly and sometimes without taking the necessary precautions to help avoid renting to unqualified or bad tenants.
We’ve all heard the horror stories from burnt out landlords and real estate investors who were tired of dealing with the fallout from bad tenants that don’t pay rent, destroy the property, or are involved in some twisted combination of the two. Unfortunately, these stories are usually from people who have openly denounced ever wanting to own rental property again.
As a landlord, rental property owner, or property manager there is no guarantee that anyone is going to be a model tenant. However, you can mitigate the chances of renting to unqualified or really bad tenants by taking a common sense approach and learning the 10 red flags on How to Avoid Bad Tenants.
In most cases where eviction or property damage occur, when the layers are peeled back to reveal the root of the problem, it inevitably points to the lack of a steps taken to qualify the tenant or the complete absence of a qualification process established by the landlord.
All landlords should require prospective tenants to do the following:
Completely fill out an application.
Give written permission (signed application) allowing the landlord to verify the information given.
Actually verify the information!
Having a qualification process that begins with a completed and signed application will allow the landlord to verify important information such as employment status & income, previous residential history, and FICO scores.
Landlords Must Verify:
Employment Status & Income
Previous Residential History
Implementing a lawful qualification process which is in compliance with Fair Housing Laws along with understanding the 10 Red Flags on How to Avoid Bad Tenants will dramatically reduce evictions and property damage.
These measures also serve as good practice and will inevitably increase the overall return on investment (ROI) of the property while reducing the stress associated with dealing with bad tenants.
For more helpful landlord tips download my Free 27 Page eBook “How to Avoid Bad Tenants“