Do you have a dream tenant? Sure, you probably want to rent to anyone as long as they pay, but writing down a profile of who your dream tenant is can help you make the right decision when choosing one. Having a nightmare tenant can put you off being a landlord forever.
It can be hard to sit down and write about your ideal tenant. Do you want to rent to families or professional couples? It might be easier to start by thinking about who you don’t want to rent your house.
It really is better to find the right tenants, than any tenant. There are always warning signs to look out for when it comes to bad tenants, so if you see any one of these DO NOT ignore them.
They find fault in everything
These are the people who come to an open home and pick out each and every fault, the little cracks, the odd stain on the carpet, a scratch on the hardware. Don’t let them become your new tenants. Why? They will be calling you for EVERYTHING. A lightbulb blows in the middle of the night, expect a phone call. There is a loose fence railing that needs to be fixed NOW. The landscaping isn’t up to their specifications…. You get the idea, you will be spending a lot of time, money and energy to keep them happy.
They didn’t fill out their application properly
If an applicant has left big holes in their application paperwork, beware. Or if they cannot back up any claims with proof then that’s something to be wary of. No references? Ask why. If there are any holes in their application then that is a red flag. I’m sure they have a ‘very good reason’ for the omission, but don’t listen to it.
They move on too quickly
How many places have they lived in the last five years? One move a year is reasonable, but if there are 10 moves in the past five years then you know that: a) it’s unlikely they will be a long-term tenant for you and b) they may have in fact been asked to leave. Don’t take the risk on them.
How do they present themselves?
How neat and tidy are they when they show up to the inspection? Looking for a place to rent is like finding a job, you need to take it seriously in all aspects, and looking the part is just one of them. Does it look like they put in the effort to meet with you, or did they just roll out of bed with a major hangover? It’s easy to see who will have more respect for your property.
Do you have some warning signs that you look for when you are interviewing potential tenants?