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.
Avoiding Nightmare Tenants
Take Landlord A, for example, husband and wife investors. They liked the sound of Tenant A until they realised the tenant hoped to lease the property for his second wife, who had not yet been granted a Visa into the country.
Landlord B is a long-time investor with multiple properties. He rescinded Tenant B’s application only when he learned the tenant’s plan to advertise the other bedroom as short-term rental accommodation.
And Landlord C, based interstate, rejected Tenant C once their employment history and financial statements showed they couldn’t pay the rent.
Luckily, these landlords averted potentially nightmare tenant problems because they used the expert guidance of a qualified property manager.
While the Rental Application form gives the landlord some indication of whether the applicant is a worthy choice, it doesn’t tell the whole story. Stringent tenant screening and reference checking are the best defences against a nightmare tenant.
In the case of the above examples, the property manager’s thorough tenant screening process tells the rest of the story:
- Tenant A – an in-person interview with the applicant quickly uncovered his true intentions.
- Tenant B – previous rental history revealed prior evictions for similar conduct.
- Tenant C – a quick call with current and previous employer’s and a review of recent bills and statement showed the applicant couldn’t afford the rent.
Professional tenant screening can save landlords untold anguish, both emotional and financial.
Appoint an experienced property manager to ensure you avoid nightmare tenants and find the right tenant for your property.