Crucial Information for Rental Property Investors
There are plenty of Guru’s out there that want to sell you their secrets, claiming they can fill your vacancies in less than thirty days. And while they may have some valuable tips, not all of these experts will talk to you about how to discern a good tenant from a bad one, a responsible tenant from an irresponsible one, and a non-paying tenant from a paying one.
“A set of voodoo candles used in a “good luck” ritual sets off a massive fire, killing one woman and left 47 families homeless. Fire officials say the early evening blaze could have easily been contained had the occupants of the apartment called 911 instead of trying to put it out by themselves”. This story is not made up for entertainment, but an actual story of what a real estate investor went through.
Although things may get tight when you have vacancies, things could get even worse if you choose the wrong tenant – getting your property rented to a properly qualified tenant should be your main priority. If you do not have the time or resources to properly screen potential tenants, locate a reputable property manager – this is what they do for a living! The stress and headache that often accompany the landlord job can be reduced. One effective solution is the screening process.
- Whether by phone or email, your first contact with the tenant begins the screening process. Asking the right questions can help you decide how you should proceed.
- Advise potential tenants of your up-front rent and security deposit requirements, and any other important facts regarding the rental that may change their interest in your property.
- Draft a list of specific questions to ask.
Always have a detailed application. I recommend collecting a screening fee and running a background report to weed out prospects that might be ineligible based on your criteria. Review and verify the application thoroughly and look for inconsistencies and red flags.
It is very important that you have a quality residential lease. Make sure your lease covers all seen and unforeseen scenarios. Read the entire lease agreement with the tenants at signing to ensure they understand all contingencies.
Getting your property rented is important but here are the variables you might be missing. If you’re looking to make the most of your investment, avoid costly mistakes and enjoy more freedom, we invite you to connect with the team at Red Team Property Management. We work for our owners focused on creating value. This means getting the best rent as the market continues to change. Also, this means fostering the right tenant fit so that you have as little vacancy time as possible.
Best Rents + Great Tenant Fits = VALUE!
Educating for REAL Greatness,
Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.
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