Some tenants can prove to be more troublesome than others. If you've decided to hire a property management company to handle the tenant finding process for your investment property, you'll naturally want them to do everything in their power to find you the best possible renter who's unlikely to give you much trouble. This guide helps you with the types of tenants you'll want your property manager to avoid at all costs.
A tenant who likes to haggle from the word go can end up being tough to deal with over the long run. If anyone tries to get you or your property management company to lower the rent before they even inspect your investment property, then you've got a haggler on your hands. This is a clear sign that the prospective tenant cannot afford the property, so asking for a price reduction before checking it out means that they are only worried about cost. A haggler is likely to ask for a reduction in the deposit and move-in costs, apart from rent. To avoid any difficulties in the future, it's probably best to get your property manager to avoid these types of tenants all together.
The In-House Smoker
Many tenants are smokers and while a person who smokes outside shouldn't pose too much of a problem, an in-house smoker can cause immense damage to your home. An in-house smoker typically inspects smoke and fire alarms closely to see if they can be disarmed. Ask your property manager to pay close attention to this because it is an indication of an in-house smoker. Similarly, prospective tenants that drop cigarette butts in your front yard or backyard is a warning sign because it indicates that they have little respect for you or your property –– and they're unlikely to start once they move in.
The Unemployed Home Seeker
If a tenant is currently unemployed and seeking a rental property, you probably have cause to worry about future rental payments. Unemployment can continue indefinitely, so don't put yourself in a bad position where you have to evict the tenant prematurely. Some tenants have trouble showing proof of their income probably because they don't actually earn it. A tenant asking to pay monthly rent in cash is a warning sign of instability, illegal employment and short-term employment. You'll want your property manager to avoid these types of tenants for your long-term peace of mind. It's always best to check for bank statements and pay slips as income proof because these are hard to falsify.
If you've hired a property management company for the tenant seeking process, be sure to get them to avoid these types of tenants at all costs.
Hi, my name is Molly. I have been a property owner since my grandma died when I was eighteen, and I inherited a rental property. Over the years, I have managed that property very successfully, and about ten years ago, I started adding to my collection. While I would definitely say that the investment property game is not a get-rich-quick scheme, it can make lucrative money. To help others who are interested in getting into the game, I have decided to start a blog. Here, I am going to share insider tips, experiences and ideas. Get comfortable and feel free to explore!