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. When a tenant pays their rent in full and on time, it saves you both time and stress. You won’t need to chase them for payment, and it will assure you a healthy cash flow. Quality tenants are also likely to see out their full notice period when they decide to move out. This means your property won’t be left empty and you won’t unexpectedly find yourself without an income.
· 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.
And this is where Tenant Screening comes in. Here at Silqu Limited we will offer you thorough tenant screening to make sure you get good tenants for your properties.
Good tenants can actually mean the difference between a high and a low-performing investment. In fact, finding a great tenant may be just as important as finding the perfect location for your investment property.