Property Management: Qualities of Ideal Tenants

In order to make your life as a landlord as stress-free as possible, naturally, it is in your best interest to only rent to the best tenant possible, which is a typical concern especially when it comes to Waterloo property management. However, it is a given that there are no guarantees when it comes to the future quality of a tenant. Yet, there are several key factors that might help you decide what kind of tenant they’ll end up becoming.

1)    Being Able To Afford The Rent

Or, in other words, their willingness to pay what is owed to you. Needless to say, you’ll be faced with potentially thousands of dollars worth of damages, lost rent and legal fees if you’re forced to evict without proper payment. It is the job of the landlord to set the rules; in fact, most landlords make it a requirement that a tenant earns a minimum of three times the monthly rent from their job, which might give you a good idea about how to approach the issue and protect yourself at the same time.

2)    Being Willing To Pay On Time

It doesn’t take a scientist to conclude that a late-paying tenant is more likely to stop paying altogether. It goes without saying that having to deal with the stress caused by the rent not coming in on time is hardly a pleasant experience. One of the most effective ways of avoiding to deal with such a situation altogether is to only rent to tenants who have a solid history of paying on time.

3) Being Able To Maintain Job Stability In The Long Term

If you’re lucky enough to have come across a tenant that fulfills the criteria willingly, it is important to note that their determination might not depend entirely on them. In other words, their ability to pay the rent and do so on time in the future often depends on the situation with their job. You’re likely to expect long periods of missed rent if they have equally long periods of unemployment or are the type to switch jobs often.

4)    Not Being Needy And A Source Of Stress

In other words, this refers to how much stress a tenant will cause the landlord. Put simply, no matter how many qualities a tenant has, they can still be needy and require attention and time almost non-stop. These are the type of tenants that will likely cause plenty of stress and problems, which is why it might be a good idea to move on.

5)    Having Good References

The best possible indication of how a tenant will behave for you are the references you receive from past landlords. The thing that raises a huge red flag for landlords everywhere, and particularly those focused on Waterloo property management, is a bad review from a past landlord. Additionally, the same applies to bad references from family or personal friends. When faced with such tenants, it is probably best to move along and continue your search. It is virtually impossible to overstate the importance of reference checks, as well as proper screening by phone. These steps are crucial in picking out the best possible tenants for your property.