Being tricked into handing your money over to a scammer is easy to avoid if you exercise some caution, so here are some things you should consider before leasing to your next (or first) tenant.
As we discussed last week some people are only out there to separate you from your money.
Fortunately, being tricked into handing your money over to a scammer is easy to avoid if you exercise some caution. What can be harder to avoid, and end up being more costly, is dodgy tenants.
Bad tenants are harder to spot, they can look fine but only reveal themselves to be a hazard once you examine them closely. Or once they have moved in.
It can be an easy trap to fall for, particularly if you're a first time landlord or managing your property yourself.
Without experience it can be hard to spot real red flags, so here are some things you should consider before leasing to your next (or first) tenant.
The take away: It's tempting to accept people at their word, but if they're being honest they won't have a problem showing it.
The take away: This is easily avoidable by asking your new tenant to have someone with rental history to sign on with them. Whether this is a parent or someone else, having that extra guarantee should make things easier for both of you. Which brings us to...
Sometimes you'll get the excuse of a referee being overseas, and if that is the case it shows a lack of forethought and planning on the tenant's part.
The take away: You should expect to be able to contact the majority of a tenant's referees. Not being able to contact them is a major red flag.
You don't want to advertise your property every twelve months, this is annoying and it makes your property look undesirable.
The take away: If you have a tenant that looks good on paper, but moves a lot, you should ask them why. They might have very legitimate reasons for their prior moves, but they also might not be able to explain it.
The take away: Be wary of people who seem more interested in submitting an application than finding out if they want to live in the property. They'll either wreck it, or end up leaving. Either way you're out of pocket.
The take away: Similar to #5, people who can't be bothered to do the basics like shower are probably not going to be great at looking after your property.
But when tenants start asking about specifics of neighbours lives, how old they are or anything that seems a bit too out of the ordinary you should be wary.
The take away: Some people are at your inspection for reasons other than finding a new home. Be on the look out.
From the initial inspection to the application itself, these are some of the red flags you should be looking out for. Hopefully you'll never encounter any of them and you'll only lease to the best kind of tenants, but the reality is you'll likely encounter one or more of these red flags.
While some of them look fairly innocuous or explainable by themselves it is worth paying extra attention to these applicants. Or hiring someone to vet your applicants for you, so you don't need to worry about it.
If you're in the process of getting new tenants, and now aren't sure whether they are as quality as they have presented themselves to be, get in contact with us and we'll help you ensure you're not letting dodgy tenants through the door.