Securing the best renter for your property is key to ensuring the financial success of your investment. A bad tenant can not only lead to costly and headache-inducing delinquent payments and evictions, but possibly also damage to the property itself from negligence or misuse. When you’ve had enough, hiring a team of experienced property managers can take care of the hassle of cleaning up after a bad tenant, and more importantly, make sure you get the right tenant in the first place!
Landlords, both new and experienced alike, are sure to want to avoid these complications from bad tenants:
- Everything looks great at the showing, but soon after move-in the problems begin.
Many landlords are familiar with the “I had an emergency, I can pay next Friday…” excuse, and while unexpected expenses and emergencies certainly do come up, some tenants seem to have issues every month. Chasing down a tenant who is perpetually behind is not only difficult and time-consuming, especially if they vacate and still owe several months’ back-rent.
- Your tenants vanish.
Unfortunately there are some individuals who will attempt to scam their landlord. After moving in, the tenants stop answering their phone, and ignore texts and emails. Upon visiting the property, you find it empty sans for piles of trash, appliances broken or missing, and broken furniture left behind. Even worse, is learning afterwards that most of the application information was falsified.
- Evictions.
It’s no secret that evictions are expensive, with costs for sending registered mail, official notices, delivery from proper authorities, legal fees for an attorney, as well as court costs – which you may not be able to successfully recoup even if you win. Not only are there costs to evict a tenant, but you may also be left with a damaged and trashed rental that can costs thousands to repair.
In many cases, a bad tenant could have been avoided with a thorough applicant screening process. Some potential renters may not be completely factual on their applications, from “little white lies” about employment or rental dates, to more serious exclusions of information, such as failure to disclose a felony conviction. Placement of an unqualified tenant is where most issues start.
How do you prevent these problems?
- Bring in as many applications as you can.
If you’re processing an application and come across falsified information, your best bet would be to toss it and begin to verify the next one. However, the luxury of a large applicant pool is not always a guarantee. Additional applicants can be obtained through use of effective marketing methods. The more people aware of your rental property, the more people will be interested, and the more potential to find a great tenant.
- Verify everything.
It may seem like a hassle to check each applicant’s employment history, income, rental references, and more, but it is well worth the time and effort. Not having to evict a tenant or make costly unnecessary repairs is worth the extra investigating in the long run. Because this part of the process is so important to the success of investment rental properties, many investors and owners rely on professionals like Utopia Management to handle tenant screening and selection on their behalf.
- Stay vigilant in on-time collection.
Even the best tenant can start to fall behind on occasion. If allowed, many tenants will gradually pay late. By staying on top of monthly rental payments, reaching out to tenants who have not paid by the due date, and then continually until paid, you can reduce delinquency. Of course, there are times when extenuating circumstances can get the best of anyone, and making an occasional (yet rare) exception may be warranted.
The rental market can be very competitive, especially in highly sought-after neighborhoods, and it can be difficult to justify the off-rent time needed to find the best possible tenant. If you feel like you’re searching for a needle in a haystack of applications, or just aren’t receiving enough applications for there to be a great option, dedicated property managers can help. Our staff at Utopia Management is experienced in marketing to a wide range of potential renters, in providing exhaustive screening and background check techniques, and in selecting tenants who allow us to maintain an extremely low delinquency and eviction rate.
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For Temecula Property Management Contact Utopia Management today by calling us at (800) 294-4656 or click here to connect with us online.