Bad tenants are out there. We’ve all let one slip in occasionally despite our best efforts. Sometimes it seems as if that’s all we attract. Besides the usual steps of running background checks and checking references what can we do to avoid renting to a bad tenant?
Avoiding bad tenants starts long before the rental goes on the market. The way you set up your business, the properties you manage and your marketing plan all influence your likelihood of attracting bad tenants. Set up your property management business in the right way and you’ll attract fewer of the applicants that you don’t want and more of the ones you do want.
Your reputation as a property manager depends in large part on your ability to keep properties rented with quality tenants. Set yourself up for success.
Marketing Plan
While it may be tempting to save money on your marketing budget, it will hurt you in the long run. If the only places you advertise are free services like Craigslist it’s likely you are not reaching higher quality tenants. The same applies to depending on yard signs to pull in leads. Prospective tenants with jobs are busy. When they do a rental search they are more likely to look online than to drive the neighborhood.
Business Image
Emphasize quality in both the appearance and practices of your business. A professional looking office and staff will often discourage bad tenants from applying. A staff that approaches their job in a businesslike manner will convey to renters that proper screening procedures are followed.
The Properties You Manage
It may be tempting to take on any property that is offered to you. But this can be a mistake. Be selective and accept properties in stable neighborhoods. Unless you want to establish a reputation for managing rentals in troubled areas don’t accept properties there. It takes a unique set of skills to be successful in this type of property management.
What has worked for you to keep from renting to bad tenants? Let’s discuss it in comments.
Source : propertymanagementexecutive
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