Nightmare Tenants: Why is Tenant Screening so Important?
Everyone has heard nightmarish tales of bad landlords. But what about nightmare tenants?
Today, there are more people renting for longer periods than ever before. As property prices continue to rise, fewer people can afford to buy, which creates a large pool of long-term renters.
With more people renting for longer periods, it’s inevitable that landlords and property managers will encounter more problem tenants.
Thorough and proper tenant screening helps to stamp out problem tenants.
How to secure the right tenant for your investment?
Would you let a stranger into your house? Accepting tenants without adequately screening applicants is akin to allowing a stranger into your house, and handing over the keys. No doubt, a costly decision in any property owner’s book.
While finding a tenant for your rental property is about marketing your property to the right demographic, securing the right tenant for your investment is about thorough tenant screening and reference checking.
Stills Properties: Top 80 Property Management Blogs
Stills Properties is excited to be named in the Top 80 Property Management Blogs online.
Selected from thousands of top property management blogs, we are honoured and humbled to be recognised alongside other property management bloggers, industry experts and thought leaders.
How to find a tenant for your rental property?
Before you start the journey to find a tenant, you first need a strategy – a marketing strategy.
Like any product new to the market, to find a tenant for your rental property you need to determine what you are offering, who is your ideal customer and how you want to package your offering?
When residential vacancy rates are low (around 1% – 2%), your product is most likely in high demand, but higher vacancy rates (over 3%) signify low rental demand, which means you may need to work harder to attract the right customer.