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Work with competition to find good tenants

Work with competition to find good tenants

by Staff Reporter 0 comments

One property manager believes businesses should work closely with even their strongest competition to help screen and identify problem tenants.

According to principal of Laing+Simmons Double bay Property Management Suzie Reid, honest co-operation can help everyone end up winners when it comes to screening potential tenants.

“Encourage good relationships with your local agents and be honest when you give references for tenants who are leaving your office to rent from another agent if you wouldn't recommend them. You will more than likely be repaid in kind,” she said.

According to Ms Reid, you can still be at risk even with the use of tenant databases, references and Google searches.

“Despite the most careful searches and all the due diligence you can utilise, it is still possible you will end up with a bad tenant who is going to be the cause of a loss to the landlord.

“When this happens, advise the landlord immediately when you become aware there is a problem or potential problem,” she said.

Finding good tenants and turning down poor ones is the most important ingredient for a happy and successful property management office.

“This can be hard to do, especially when times are quiet, but you will be rewarded with happy landlords, fewer visits to the tribunal and happier property managers who don't have to deal with bad tenants,” said Ms Reid.

Property managers should not feel anxious about presenting a landlord with a tenant, and if they do, they’ve chosen poorly already.

“If the application process is thorough, in most instances you are able to confidently advise a landlord that you believe the tenant will be good," Ms Reid said.

“If you cannot confidently present the tenant to the landlord then there is a good chance you are selling the tenant not only to the landlord, but also to yourself.”

Work with competition to find good tenants
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