Now that the kids are back in school and fall is in the air, the holiday season fast approaches. Some people look toward Christmas or Thanksgiving. But the rush of the holidays truly starts with Halloween.
Every year neighborhood children dress as ghouls and goblins, lions and princesses. Scary costumes to friendly costumes: it is, after all, trick or treat.
Finding tenants for rental properties is a lot like Halloween: Trick or Treat.
There are numerous challenges to finding a good tenant. Beyond the fiscal ability to afford a monthly rent or lease other factors come into play. Are perspective tenants going to be a positive part of the rental community? Will they care for the property in a respectful way? Will they follow the rules of a given property?
Consider the damage a bad tenant can cause:
- Failure to pay rent. Obvious, sure, but inability to pay rent destroys the return on investment for a property.
- Failure to peacefully exist within a community. Unruly bad tenants can drive away long-term renters and every property manager and landlord knows that a long-term renter is ideal. They pay on-time, keep the peace, and behave in a manner generally accepted by those living around them. Loss of a long-term renter further destroys or decreases return on investment.
- Damage to property. A bad tenant that destroys property is difficult to evict and eviction, in itself, is a time-consuming and costly activity. Further, damage to the interior of a property can add up quickly. Also, damage to the exterior of property not only decreases the value of that property, it can help destroy the reputation of a property. Property damage can lead to having a bad reputation overall, one that lends itself to less than ideal tenants seeking rental property.
Good tenants only heighten the value of a property and its community. They create long-term fiscal stability for owners, enhance the general population of a rental community thereby creating a desirable community other potential good tenants may want to live in.
With the continued economic woes and slow return to growth, more and more individuals and families are turning to rental properties as their primary home. With strong demand and relatively low supply the landlords and property managers have the opportunity to make careful selections.
In order to avoid the “trick” property managers and landlords must carefully screen new and perspective tenants. Careful interviews and tenant checks greatly assist in this process.
Tenant screening should review a renters background in a thorough way:
- References from previous properties
- Consumer Credit Checks
- Criminal History background checks both a local (county) and National level
- Bankruptcies, Liens, and Judgments
- Local and national sex offender registry review
Enjoy the “treat” of a good tenant through a proper review of their background history. Understanding what an individual or family can bring to a property is more than just another unit leased. Long term renters provide a degree of fiscal stability, assist in creating a pleasant and desirable community, and enhance the reputation of a given property.
Don’t end up with a “trick” renter, enjoy the “treat.”
TenantScreeningUSA.com has been providing the information landlords and property managers need to make a solid decision on “treat” renters. Understanding a perspective tenants background as well as conducting a solid interview goes a long way in creating a profitable environment. Contact TenantScreeningUSA.com for a program that will help make that decision. Quick, cost effective, and efficient, TenantScreeningUSA.com is the first step to a Happy Halloween.