Good property tenants are worth their weight in gold.
Good property tenants are worth their weight in gold.
If a qualified tenant slots into the right property, the rest falls into place, area property management firms agree.
Finding and retaining qualified tenants is the leading indicator of not only a successful tenant and landlord relationship, but the No. 1 factor in protecting investor cash flows and minimizing unnecessary business expenses.
“The key to protecting the property investment is getting good tenants,” said Bob Wiley of Berkshire Hathaway HomeServices Fox and Roach, Realtors, Allentown.
Taking time to call references, speak to past employers and landlords, check employment histories and dig deep into financial records and bank statements is well worth the effort – and can prevent hassles later, according to Wiley.
Wiley said the primary difference in finding qualified tenants today, versus even a decade ago, is a result in part to the onslaught of reliable financial information and histories, thanks to online data services.
That’s where nitty gritty due diligence comes into play.
“Now the primary difference is that information is accumulated a lot faster. A late payment is posted instantly,” Wiley said.
Incumbent on those representing the property owner is gathering sufficient information to get a good picture of the tenant’s present and future performance, once inside the rental property.
That means fewer excuses for installing a tenant that can’t make good on monthly payments because payment and employment histories are readily available.
