Your choice of investment today mirrors your reputation. Your choice of dealing with your investment today will determine your savings tomorrow. Your choice in property investment today will matter later. If you are keen when it comes to your investment, how keen will you be in dealing with people that may be involved with your investment?
Well, I am not really sure if it matters and if it makes a connection to the side income stream since what really matters is just to get tenants whom I can get my business start and running and I will be one of the biggest property investment mogul in the making. Then, I wish you the best of luck.
On the other hand, meticulously speaking, it will be more. . . . and more keen in dealing with people who can be a part of an investment. That is why it is always recommended that landlords should screen their tenants. There may be many reasons why landlords should do that and we can just narrow it down to simple reasonable things collaborated in 3 phases
Phase 1 – Your property mirrors your reputation. A reputable property is equal to good tenants.
This goal is usually taken minimally since it’s always the financial output which is on the limelight. This is one of the most important goals that every landlord should consider to screen their tenants simply because the reputation is on the line when having good tenants with acceptable background checks in the property. On the contrary, it will always be your choice if you will be comfortable in having a high turnover due to allowing disruptive tenants to move in.
Landlords should screen their tenants to make sure they are the right fit. Rental collection every month is certainly a main concern but keep in mind that it is not the only thing to consider in looking for good tenants. One way to help you out is screening their rental history and even talk to past landlords. We suggest you give Real Property Management a call at your convenience for further information, were here to help!
Phase 2 – Your property may lead into either an asset or liability on every action of the landlord and tenant.
Achieving a property could be an asset but maintaining the property may lead either into an asset or liability. It really depends on how you deal with things around you and how you react to the system and the game of property investment. Many say that property investment remains to be the wisest move to gain wealth and satisfaction. True as it is but I believe it takes 2 to tango. The landlord and the tenants should always do their part to achieve satisfaction and wealth. Hence, it is just appropriate for the landlords to dig deeper in getting to know well their prospective tenants.
Landlords are screening the tenant 2 of other major things. One is to make sure they will pay the rent on time and in full. Second is to make sure that tenants will keep paying the rent. How are you going to make sure all of these?
Requesting for a Rental Application Form could be helpful. However you have to make sure that it covers everything you need to know about the tenant. It should encompass the financial, employment and personal information of the tenant.
Phase 3 – Your property provides you an income stream and saves money.
Failure in doing tenant screening may lead to potential risk of tenants moving out with no payment and worst of all, it could even turn your investment into a possible liability. This may be a broad assumption to make but bear in mind that this could happen. Try to imagine a tenant destroying much of your property and then leaving without paying for it. Not only you have to spend money for repairs but you’d also spend money in the added drama of suing them in court. This could be a liability in both financial and emotional state.
The obligation of the landlords does not just end with their new tenants but also to their existing tenants, themselves, to the property and to the community. That is why; it is a must to screen tenants meticulously to keep the property safe. Running a background check will be helpful in finding this out.
Having said all of that, it will always be a choice on how you deal with your investment, how would you like to screen your prospective tenants and most importantly how would you want your reputation mirrors your investment.