Pro Tips: Vacancies vs. Bad Tenants
The Value of Tenant Screening…
For first-time investors, there is often a misconception that filling in your vacancy AS QUICKLY AS POSSIBLE is the most important part of renting your property. While this is true in many aspects, part of our job is to make sure that you get a return on your investment.
So what’s more costly – having a property sitting vacant for months or filling the vacancies with bad tenants? We’ll be honest , if we were just to find a tenant to fill in your vacancy that would be EASY. It really would be. But just because a vacancy is filled doesn’t mean you’ll automatically get that return on investment you’re looking for. That’s where our services kick in! We screen tenants – we personally meet prospects at the property for showings, we check credit (do these people pay their bills?), we check background (do these people have a clean record?), we check residential history (have these people rented in the past?), we check income (can these people afford this property? what is there work history like?). All of this is because having non-paying tenants IS costly – not to mention all the costs that go into evicting that tenant and having the risk of them destroying your home. Of course, we do push to renting your properties AS QUICKLY AS POSSIBLE – but we highly value selecting qualified tenants to put into your investments. It’s part of the stress-relief you get when you hire a property management company!
Each investment opportunity is only as good as the execution. Without the screening process, tenant occupancy can be disastrous. One of the most important factors that investors should look out for when choosing partners is the company’s ability to balance between the dynamics of tenant screening and quick occupancy.