The True Cost of Bad Tenants

Renovation Basics How to Prepare Your Property for the Best Buys 6

Getting a bad tenant is the ultimate nightmare for any property investor out there. Aside from rent delays and frequent headaches, choosing a bad tenant may also cost you thousands of dollars worth of repairs down the road.

Screening out the good from the bad can save you from a long list of hassle and massive cleanup bills – but how do you judge someone the first time you meet them? And what can do you do on your end to protect your property? Keep reading to find out!

Do Your Homework

Whatever your gut feeling tells you, always ask prospective tenants to provide references and details of their previous residences.Talk to those landlords or get in touch with property managers to learn in advance if there are any potential issues that you should know about. Find out- did they pay their rent on time, how did they present the property, did they have a garden to take care of, were they pleasant to deal with and did they get all their bond back.Screening is a really important step of the entire process and can save you from a lot of problems in the future. Remember the past is a great predictor of the future.

Invest in Landlord’s Insurance

It’s better to be safe than sorry for any unfortunate, unforeseen circumstances that may come your way. Protect your investment with an appropriate landlord insurance policy – one that covers both accidental and malicious damage and lets you avoid the prospect of losing your rental income because of any reason.

Presentation Matters

Yes you are not selling and only renting, but stillput an extra effort in the presentation of the property when you invite prospective tenants for the viewing. If your home looks appealing and beautiful,chancesare the tenants will be happy to maintain the place and keep it looking that way. No one wants to bother taking care of a home that already has dirty walls and leaky faucets – pay attention to the details and make it all count!

Renovation Basics How to Prepare Your Property for the Best Buys 7

Stay up to Date withthe Maintenance

It’s your house afterall – the tenants are just living there temporarily, therefore, it’s up to you to keep a regular check onthe maintenance and upkeep of the property and get any repairs addressed promptly before they turn into bigger nuisances. Delaying repairs also makes the tenants disgruntled and they may get fed up and leave if you ignore these issues. Also, if they see that you are not as committed to the maintenance of the house, they also tend to become more careless in their approach and begin to question why they should make an effort when you aren’t that interested yourself.

Build the Relationship!

This here is the most important part! Yes, don’t be too nice that they take advantage of you but also don’t be too distant or rude. Your tenants are paying you for the stay; therefore, behaving with them positively will keep them happy and make them more than willing to take care of your property. We recommend that you keep your tenants completely as arms-length and let your property manager build the relationship instead.

Hire a Property Manager

If you don’t have the time to keep an eye onthe maintenance or don’t know how to screen tenants and set the tenancy up for success, get professional help. Experienced property managers know how to deal best with tenants of any type,and they also have access to official databases containing details of blacklisted tenantsthathave had a history of defaulting on payments and damaging property.

Read an article to:The True Cost of Bad Tenants

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