Monday, 12 October 2015

What You Should Know When Looking for a Right Tenant

Finding a good tenant is the most important task for a residential real estate investor, therefore it is often trusted to a professional property management company. Just by looking at rental application an experienced property manager is often able to spot “flags” which a beginner will not even notice. All those “flags” refer to common sense judgement.

Some are pretty logical; you generally want to get some what mature employed person or a family, preferably with children. Tenants like that usually know what they want, have established lifestyle and budget. They also know what they can afford to spend on rent. Once they moved into an apartment they usually want to stay for a long term. It is always a hassle for families to move; also, as kids go to school, it becomes even bigger problem.

Some of the requirements for potential renters, however, may not be as trivial. A successful property manager will also look for consistency in the amount of rent an applicant paid at the previous location and rental rate he/she is applying for. If there is significant difference in the rents a red light should flash. If a tenant is moving into a considerably more expensive home, question may arise whether or not he will actually be able to afford it. Reasonable explanation should be obtained from an applicant in the opposite situation as well.

Reason of moving is another good question property management staff may have for a potential tenant. As it has been noted before, moving to another location is always a hassle and expense, and a tenant has to have a very good reason to do so.

If you need further assistance of advice with respect to your rental property, please call Kyle (JK Property Management) at 519-755-5677.

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