4 SIMPLE METHODS TO AVOID RENTING TO THE WRONG TENANTS
Methods to avoid wrong tenants, if followed correctly, will create ease during the process. No owner wants to rent to irresponsible renters. Even though every property owner is in haste to let out their houses and start making returns on their investments, it would only benefit them if they rent out to responsible tenants. Having bad tenants occupy your building wouldn’t go down well with you in the long run because apart from the fact that they may vandalize things, they could deliberately refuse to pay you on time. You will lose money every time that it stays vacant. Hence, you mustn’t ignore to observe certain standards when looking for responsible people who will live in your house.
In a scenario like the one that has been portrayed above, that you have such people live on your property means that many things could go wrong. It would begin when you do not observe the proper procedures of marketing your vacant building, then the screening and interview exercises before deciding who moves in to occupy the place. When bad tenants do not pay at all or do things that will force you to evict them, you are the one who ends up losing in the end. Imagine what happens if you have a series of bad tenants who occupy your house consecutively? Many evictions do take months, meaning that you may not be getting any cash during the period. Therefore, it will be smarter if you do things the ideal way from the beginning so as to get the right occupants. What are the best moves to make in this respect?
- Avoid Too Low Prices
While this is usually a great marketing strategy to get ahead of the competition, it doesn’t always deliver the best result, especially in this instance. Reduced prices may bring some more interested persons to you but amongst these individuals will be those who are not financially stable. You might also have those who have the means of paying frequently but want to take advantage of you and just as they do with every other person with whom they transact business. Therefore, pegging the cost of renting your place at an appropriate price helps to solve this issue to an extent, even if it doesn’t eliminate these possibilities.
- Carry Out Proper Background Checks
We all need the right people to let our properties and not those who will create problems for us. The challenge with this is that we can never be sure of the actual personality or intentions of those who come to us; we cannot just accept them by their words or trust them by their faces. No, it will take more than that. No landlord loves to forcefully evict tenants, fight legal battles or even have his house damaged. The aspect of they are coming through someone we know and trust more makes things easier, especially if they have vouched for by them. If they happen to come on their own, ask them to supply referrals who are well-placed and revered in the society to validate their application, so you can also check for the financial stands and history of any criminal record.
- Hide All Signs Of Vacancy For A Long Period
If your building has been unoccupied for a long time, try as much as possible to conceal that fact from prospective tenants. The first reason for this is that they may use it against you while bargaining for the price, feeling that you have been unable to get someone. Almost anyone who comes will want to do things using this approach so it may be harder getting anybody to secure the place. Another reason is that people may become afraid of renting your apartment because they could feel there is a problem with your house, which is why the former tenant left, and nobody has come in again till now. You do not wish to subject yourself to such precarious situation and be at the mercies of your tenant even before they pack in; that is if anyone gets into the house finally.
- Put Up Proper Advertisement That Filters Out Inappropriate Interest
You can start to solve this problem even before things begin; you do not have to wait until these prospects come to you and you begin any screening process. You can filter out who comes to the negotiating table with you by the quality of the advert that you put out there. While displaying the advert, endeavor to emphasize that all prospective tenants will be vetted for any record of criminal history and an acceptable credit card score. Also, indicate that they will be required to produce referees who will include one of their former landlords. This method may seem to reduce the number of interested persons who come to you but don’t be scared; it will get just what you want for you.