One of the greatest nightmare and headache for property owners are problematic tenants.
The real estate and rental industry is a very serious investment, and owners expect to get the best of their hard-earned investment. So, it is essential always to ensure that they avoid any potential issues that would cause them any problems or, worse, cause them more money.
So, we gathered some best advice to share with you on effectively avoiding problem tenants to get the best deals out of each transaction.
1. Screen them properly and intensively
We can't stress enough how crucial intensive tenant screening is for all rentals. The tenant's financial background, credit score, and criminal record can tell you a lot if someone may become a terrible tenant.
It is also advisable to do face-to-face meetings with prospective candidates to gauge their attitude in person. Didn't they say the first impression can last?
2. Record all transaction
From the transaction's beginning, ensure everything is recorded and organized. Property owners must have a concrete and solid contract with all the agreements in place. Everything must be registered and kept in a file whenever there is a need for transaction, payment, or document signing.
Should there be a need for maintenance or repairs needed, you may refer to that documentation to determine what is the tenant or the owner's responsibility. Make sure to also take photos and videos of the property before turning it over for documentation. This will be useful for keeping track of the property's condition before the new tenant moves in.
3. Set proper attitude as a Tenant
Kindness goes a long way. Be kind but professional at all times. It is helpful to have a good relationship with your tenants. Know when to be a considerate owner, and ensure you display professionalism and an excellent attitude to earn respect. In return, they will be mindful of their role as a tenant. They will think twice about crossing you or creating possible issues or damage to the property.
4. Maintain the property in good condition
Before a new tenant moves in, ensure the property is in its best condition. All areas must be inspected, tested, and recorded. When you give the prospective renter a tour of the facility, have them check everything. Inform them of the rules on keeping the property maintained and ensured it is also included in their contract before they sign.
5. Consider getting a property manager
Maintaining and keeping track of renting your property can be very tedious. As owners, consider consulting help from a property manager to take the burden off your shoulders.
Property managers have all the knowledge and certifications needed to ensure every process and transactions in renting or managing your properties are standard. Doing so will give you added peace of mind and a guarantee that your investment is in good hands and will be in good standing.
If you want to find ways on how Property Managers can make your job as the property owner easier, feel free to reach out to us here at Caravel. We would love to hear from you and look forward to doing business with you soon!
