Having a good tenant who follows their obligations is key to a landlord, because the property is more safe and secure. For a regular landlord, paying for expensive legal services is not in the budget, as it is for the bigger property management companies, so when there are problems with a tenant, there is a certain number of options. There are a number of different things you can do to help choose the right tenant and hopefully minimize any problems you may face in the future.
Going it Alone, or Using an Agent's Services
A part of renting properties is thinking about how much work being a landlord will be for you, and deciding what you can handle in this area. Using an agent is a good option for some landlords, as there is a wide variety of services available, from renting suites and dealing with rent owing, to maintenance and repairs. Naturally there is a charge and the more involved an agent is the more they will cost.
There are so many considerations when choosing a tenant, can they afford the rent each month, are they considerate and quiet, will their lifestyle clash with the rest of the tenants, these are all stressful for landlords to deal with at times. While keeping this in mind, landlords want to fill a vacancy fast because of the monetary concern of lost rent.
Some landlords decide to take on all of the work involved themselves, and that is fine as long as they can handle all required of them. How much physical labor are you willing to put into property rentals, and can you handle the physical requirements? Are you prepared to be woken up in the night to deal with emergencies?
Checking References
References are amongst the most useful tools available to you in the hunt for reliable tenants. Different references are required for different types of properties. A reference from the last rented property by the prospective tenant is a the minimum that a landlord should request, and verify. These references are sometimes unreliable, so be sure to investigate further, a simple phone call is necessary. A reference from an employer is also a good indicator of the person's financial situation, although this does not mean the rent will be paid for sure.
A Simple Credit Check can Reveal a Lot
Checking a tenants financial situation by doing a credit check is another way to gain information. This can shed some light on any past debts or loans that have gone unpaid by the prospective tenant. Keep in mind that tenants who have favorable credit ratings sometimes do not pay on time, and those with bad credit may not mean that they will fail to pay their rental fee.
Get a Deposit
It seems like an obvious thing, but shockingly, there are a great deal of landlords who rent without having a security deposit obtained. It should go without saying, but getting a deposit is essential to make sure the property of the landlord is protected, and tenants should not be allowed to move in until the deposit is gained.
A tenancy agreement in writing, is an important document that will help a landlord to deal with any unfortunate situations that come with having a tenant. A written agreement provides more protection for both you and the tenant.
Going it Alone, or Using an Agent's Services
A part of renting properties is thinking about how much work being a landlord will be for you, and deciding what you can handle in this area. Using an agent is a good option for some landlords, as there is a wide variety of services available, from renting suites and dealing with rent owing, to maintenance and repairs. Naturally there is a charge and the more involved an agent is the more they will cost.
There are so many considerations when choosing a tenant, can they afford the rent each month, are they considerate and quiet, will their lifestyle clash with the rest of the tenants, these are all stressful for landlords to deal with at times. While keeping this in mind, landlords want to fill a vacancy fast because of the monetary concern of lost rent.
Some landlords decide to take on all of the work involved themselves, and that is fine as long as they can handle all required of them. How much physical labor are you willing to put into property rentals, and can you handle the physical requirements? Are you prepared to be woken up in the night to deal with emergencies?
Checking References
References are amongst the most useful tools available to you in the hunt for reliable tenants. Different references are required for different types of properties. A reference from the last rented property by the prospective tenant is a the minimum that a landlord should request, and verify. These references are sometimes unreliable, so be sure to investigate further, a simple phone call is necessary. A reference from an employer is also a good indicator of the person's financial situation, although this does not mean the rent will be paid for sure.
A Simple Credit Check can Reveal a Lot
Checking a tenants financial situation by doing a credit check is another way to gain information. This can shed some light on any past debts or loans that have gone unpaid by the prospective tenant. Keep in mind that tenants who have favorable credit ratings sometimes do not pay on time, and those with bad credit may not mean that they will fail to pay their rental fee.
Get a Deposit
It seems like an obvious thing, but shockingly, there are a great deal of landlords who rent without having a security deposit obtained. It should go without saying, but getting a deposit is essential to make sure the property of the landlord is protected, and tenants should not be allowed to move in until the deposit is gained.
A tenancy agreement in writing, is an important document that will help a landlord to deal with any unfortunate situations that come with having a tenant. A written agreement provides more protection for both you and the tenant.
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