While there are preventative measures you can take to keep you from having to deal with a bad tenant, there are no guarantees. It’s a huge hassle to have a terrible tenant. There are numerous things that can go wrong or become an issue with the property and the management of the property. Some of the most common issues with tenants are rent collections, property damages, and maintenance. You want your rental endeavors to be simply and easy. So let’s take a look at what you can do to deal with a bad tenant.
Come up with a structured payment plan or payment option that will be beneficial to you and your tenants. Put together policy agreements and rules that tenants must follow. This keeps them on track and keeps cash flow in your direction.
This is one of the most important parts to property management and rental properties. Having a well developed and secure screening process allows each candidate to be fully searched. Do a background check, credit check, ask previous landlords about the potential tenant. A good screening process will give you a bit of insight into what this tenant is like, how they handle their financials or if they’re a risky option.
Make sure your property has a good reputation
Being a good property to rent from will give you more tenants to choose from, which means you get your pick. It will attract better tenants to the property as well. To accomplish this, try to keep the tenant turnover rate low.
Hire a good property manager to take care of all of this for you
If this sounds like a lot of work, hire a good property manager. They will take care of all of the above and then some. All things from rent collection to screening to maintenance and more will be taken care of.
It is best for you and your property investment if you rent to better tenants. You will spend less on repairs and make more in timely rent and cash flow. Take it upon yourself to improve your investment tactics.
If you have any other tips on getting good tenants for your rental properties, feel free to share.
If you’re interested in hiring a property manager to handle your property rental issues for you, give us a call. We know how important it is to have quality tenants and stellar property maintenance.