Going to great lengths to find the right tenant can sound a bit daunting and very time consuming. It means a lot of research and a somewhat extensive screening process. Not to mention the walk-through and interview process as well. It might seem like a lot of work to end up choosing just one tenant that’s worthy of renting your investment property. However, there are multiple reasons as to why it’s important for you to choose the best tenant possible because a tenant can make or break your property.
Take a look at why we believe you need to continue being picky in your tenant choices.
- Value – By having good and respectful tenants living in your property you can rest assured that your property is being taken care of and not destroyed.
- Fitting In With Neighbors – It’s important to have the right tenant for the dynamic of the complex or neighborhood. It makes it much more enjoyable for everyone involved as you’ll avoid having to handle complaints from other tenants and neighbors.
- Length – Better tenants tend to stay in a property longer, reducing the issues that come with tenant turnover.
- Less Wear And Tear – Good tenants tend to take care of the property a lot better than a careless and rude one would. Checking out a potential tenant’s references thoroughly will help you to determine which tenant is right for your real estate investment.
- Future Tenants – When you have a respectable tenant that not only keeps up the property, but presents a nice living space, you can value your property at a higher cost, as opposed to renting to rowdy college students that devalue your property.
- Reliability – Good tenants pay their rent on time, every time. This means you’ll rest assured the monthly expenses that come with operating a rental property are covered and you won’t have to worry about where the money will come from to pay the bills.
When renting to tenants that prove to have great references and positive rental and credit histories, you’re adding to the value of your investment property in multiple ways. In fact, some tenants are so giving to the property in which they reside, they’ll often add value by painting or installing nice fixtures. Of course, this only comes upon your approval, but having a tenant that wants to help make your property look better is a great thing.
Finding any ol’ tenant can be as simple as printing off a lease agreement from the internet, posting an ad on Craigslist and signing a lease with the first person who contacts you with first and last month’s rent in hand. If you want a tenant that is dependable, respectful and friendly, we suggest going through a property management company to list your next vacancy. If seeking the best tenant sounds like something you would prefer a property management company to do, contact Bridgeway Property Management and get the best tenant in your rental today.