We’ve all heard those stories of rental properties being trashed beyond recognition leaving the landlord with a hefty bill for maintenance and lost rental income due to an ensuing vacancy. From simply neglecting to keep the home in acceptable order, to malicious damage, it is never a situation that you want to find yourself in as a landlord. So how can you give yourself the best opportunity to avoid these tenant nightmares?
When choosing a tenant for your investment property, the key points to focus on are:
1. Can they afford it? Is their income around 3 times more than the rent you are asking? A credit check is also wise.
2. Are they reliable? Check previous rental references.
3. Do they have a stable lifestyle and a stable job?
Of course, as much information as the screening process can provide, there still may be a time when things don’t quite go to plan. Make sure you’re properly covered by your Landlord Insurance in case things do go awry. Seeking support from a Property Manager also helps to handle difficult tenants or issues that arise.