As a property owner, you’re always on the lookout for good tenants who will stay for a long time. However, it’s not unheard of for property managers to make silly mistakes that lead them to lose their tenant. Following are four ways through which you can easily lose your tenants.
Good tenants will need good neighbors. But property managers may sometimes find bad tenants too, and if these bad tenants are constantly bothering the good ones, you may lose them. Bad neighbors are those that ignore decent living including lease rules. A good tenant can get angry if they are surrounded by such people and as a result may opt to move out of your property.
Ignoring their Requests
Some property owners do not take instant action when their tenants make certain requests. Whether it is a water problem or garbage disposal concerns, attending to the needs of your tenants can help keep them around.
One of the most common concerns among tenants is the lack of proper parking facilities. If parking space has been included in his or her lease, make sure that it is not given to anybody else regardless of whether or not the tenant is using the space.
Hazardous situations like unfenced drop offs and electrical problems can add to the worries of your tenant. As a property manager, you are expected to conduct regular checks to ensure that all the amenities in your property are well maintained or you risk losing your good tenants.
When there are multiple qualified tenants after your tenant screening process, check with past landlords if there were any problems with the tenant in terms of rent payments. Find out if there was even one instance when the tenant failed to make payments in time as this will help you avoid the smallest of problems and thus find the best possible tenant.
Income and Credit Score
The income of an individual can help you figure out whether or not there will be any kind of monetary problems between landlord and tenant. If the rent is below a third of the potential tenant’s salary, you will have little trouble from such an applicant. Similarly, low credit scores point to potentially problematic tenants, and eliminating them from your shortlist will leave you with brighter prospects.
Fair Selection Methods
When there are multiple applicants who are eligible for your rental property post tenant screening processes, the best way to pick a tenant is by being fair. First come, first served is the ideal means of selecting from a pool of qualified applicants. Another good method to pick a tenant would be by letting it out to the applicant who showed the highest level of interest in the property. The applications can be sorted based on their strength, so that you can accept the one that is verified first. You can also look at the applications to get a detailed idea about the potential tenants before picking one that would best suit your personal taste.
Before starting off with tenant screening, it is important to inform applicants that screening is compulsory. Just learning that there is a screening process is sure to eliminate potentially bad tenants, thus saving you valuable time.
A comprehensive and systematic tenant screening process for all your potential tenants will protect you in case an applicant makes claims that you have made violations against the Fair Housing Act.
Deciding Minimum Qualification
As the owner of a property in NYC, you are expected to pick a tenant who will give you no trouble with regards to payment of rent or other issues. Decide whether you want tenants who have criminal records, or if such applicants must refrain from applying regardless of how long back they were arrested for whatever reason. Think in detail what kind of tenant you would like before starting with the screenings.
Once your applicants have met your prior requirements, run a credit check to ensure that they will be able to meet rent and bill payments on time. Get the report directly from the applicant’s credit reported to make sure that there are no shenanigans.
Calling the present or past landlords of an individual will help you determine whether or not an applicant is worthy of your space. Personal and employment references will help you know more about the person, thus enabling you to make an informed decision regarding the outlet of your rental space.