Checking a tenant’s references and doing the appropriate
background checks are critical tasks to give you the best chance of a smooth
running and successful investment.
Professional Property Management staff have access to
systems, and have the knowledge and experience to carefully look into applying
tenants and thoroughly evaluate them. Investors would be wise to choose an
experienced Property Manager and agency team that focuses on gaining a quality
tenant. A carefully selected tenant will result in a more trouble-free
investment.
Two of the most important background checks your Property
Manager can do are previous rental history and employment record checks. This
sounds fairly straight forward, but there are many traps for the inexperienced.
It comes down to finding out from the information gained if
the applying tenants have an excellent track record from their past tenancies.
That means paying their rent on time as well as looking after the rental
properties to the expected standard. Also the current ability for the tenants
to pay the rent is evaluated through information and proof from their current
employers.
Owners managing their own property often get too involved to
be impartial. One of the mistakes many property owners make is relying on
personal references when investigating potential tenants. A bad personal
reference rarely exists - friends and relatives won't write or tell negative
things about those close to them. Professional and background checks are
absolutely essential.
A Property Manager’s experience and expertise, as well as
that of the agency’s team, will save you a lot of time, money and stress in
managing your investment.
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