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A great guide for newbies in the industry, or even experienced property managers, on how to avoid problematic tenants.
Real estate network Century 21 believes there are three key tactics property managers should apply when seeking to choose the perfect tenant.
“These simple tactics may assist in avoiding the stress, aggravation and even possible financial loss which can accompany problematic tenants – helping to make any new property manager’s job easier from the outset,” Century 21 said.
Century 21 Australia general manager Paul Mylott said property managers are often considered the ‘face’ of a property, as they are usually the person who tenants turn to in the event of damage or destruction, or when disputes with other neighbours arise.
“For this reason, it’s important that property managers give the relationship the best possibility of being a positive one, right from the beginning.”
1. Rent roll check
Mr Mylott said rent rolls display the history of a tenant, including instances where they may not have paid their rent on time for any reason.
“While a few late rental payments may not be a ‘deal breaker’ per se, it may be advisable to discuss the issue with any potential tenants to better understand why this may have been the case.”
2. Ensuring the financial stability of a tenant
This can be achieved by requesting documentation such as payslips, financial statements, employment credentials and copies of recent bills, said Mr Mylott.
“Though this tactic may appear obvious to some, it can be tempting to simply pick someone who seems personable or well-spoken, when in a rush to fill a tenancy.
“However, these documents can demonstrate whether a tenant is financially placed to meet ongoing rental obligations over a long period – or if they are instead heading for financial trouble,” he added.
3. Guaranteeing the tenant and property are a "good fit"
“Leasing your studio apartment to a family of five may not be the best move,” Mr Mylott said.
“It again may sound simple, but ensuring your property offers what a tenant needs is vital, including in regards to pets and children, because by doing this you will be providing them with the best possible reason to remain for as long as your property is available to them.
“Dealing with tenants is a vital part of a property manager’s role, and by following these simple tactics in the first place, property managers may find this runs a great deal more smoothly.”
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