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The most troublesome aspect of being a landlord is tenants who damage your property, from complete trashing to total destruction, and even worse. There are plenty of horror stories around about what tenants can to a rental.
And, if you think finding a good tenant depends on luck, you couldn’t be more wrong, or else why don’t you work to ensure luck favours you, at least, in relation to the right choice of tenant. That means taking the following measures to reduce risk concerns that will guarantee the well-being of your rental property.
First, adopt Tenant Screening, which is the magic mantra of all successful, savvy landlords. How many landlords can confirm they carry out a complete tenant screening exercise, when looking for prospective tenants? Not many if gauged from the horror stories that float around about property damage! To get a good tenant, a landlord must be thoroughly professional about the entire tenant screening process, and verifying past landlord references is an essential part of every standard screening process. Call them and question them about prospective tenants.
Second, as an important part of the screening process, visit or at the very least, drive by the property the tenant intends to vacate, in order to assess its physical condition. The odds are your prospective tenant will treat your property in the same manner he / she treats their current rental home.
Third, photograph and videotape as in before and after advertisements, in the presence of the tenant after he / she has finished signing the lease. This evidence will ensure tenants look after your property as if it were their own. After all, if taken to court, the before and after evidence ensures law is on your side, no matter what argument the defendant might put up.
Fourth, before handing over your property prepare a complete Property Condition Report documenting the state of your property. Go over it with the tenant and once he / she has signed the inventory and condition checklist, he / she is on record, and you have another legal document, in addition to the lease.
Fifthly, before handing over possession, take a substantial sum as security deposit including the first month’s rent. With so much at stake, the tenant will ensure he / she looks after your property well.
As long as you follow the above steps, you will be able to find a responsible tenant to take good care of your property.
Bill Manassero is the founder/top dog at the “Old Dawg’s REI Network,” a blog, newsletter and podcast for seniors and retirees that teaches the art of real estate investing.
