Why It Is Important to Find a Good Tenant?
There are several reasons why finding a good tenant is important for you as a landlord. Your lease agreement involves a long-term contractual relationship, where the tenant obtains the right to the exclusive use and possession of the rental unit for a fixed period of time. Your tenant is the person you will entrust to look after one of your most important assets, being responsible for alerting you to situations where something goes wrong with your property, hopefully paying their rent on time every month, and ultimately, representing you in the larger community where your property is located.
In summary, consider the following while finding a tenant:
A bad tenant may be costly: A bad tenant may damage your property, constantly pay late, or not pay at all. They may also leave without notice before the lease is up. These actions combined can easily cost landlords thousands of dollars. Although you as a landlord have legal recourse in each of these cases, the legal process can be lengthy and complicated. It’s far better to avoid bad tenants in the first place by conducting a thorough screening.
A good tenant acts as the property’s caretaker: A good tenant does more than just pay the rent on time. A good tenant is also someone who will take care of the property. They will notify you of problems before they become major ones, while still demonstrating enough competence to take care of minor issues themselves. Having good tenants means less work for you as a landlord and more time to spend on other pursuits.
A tenant who misbehaves might affect your reputation as a landlord: Since tenants are screened by their landlords, the neighbors may have certain expectations about you choosing someone who will be a positive influence in the community. Think of the tenant as your person of trust, someone who is constantly acting on your behalf. While you are not usually liable for your tenant’s actions, a bad tenant may damage your reputation in the community. This can negatively impact your plans to purchase additional rental properties in the area.
- How Do You Successfully Market Your Rental Property?
- What Qualities Make a Good Tenant?
- What Are the Warning Signs of a Future Bad Tenant?
- Does the Tenancy Agreement Include Anyone Besides the Tenant?
- Are There Any Limitations on the Number of Occupants?
- Do You Have the Right to Be Informed of New Occupants Moving in?
- Are Occupants Responsible for Paying Rent?