LANDLORD SPECIAL REPORT
What 5 Ingredients Make Up a Good Tenant?
By John Nuzzolese
Most landlords try their best to select good tenants to occupy their rental properties. Some are very successful at it while others always seem to end up with bad tenants regardless of how much they try.
In order to find a good tenant, we need to first understand the qualities or ingredients that a good tenant is made up from. Once we understand what ingredients we are looking for, we can carefully screen applicants with the right ingredients in mind. The LPA has a few tools I've listed below that can help you determine if your applicant has the desired qualities you are looking for in your screening process.
So What Are the 5 Ingredients that Make Up a Good Tenant?
- Honesty / Integrity Trust... reliability... decency are qualities that come to mind when I think of a top quality tenant. I want a tenant who will do what he agrees to do. Someone who morally chooses to do the right thing. A person whose signature on a contract signifies a binding promise they will keep.
- Creditworthiness If I am going to give legal possession of a valuable piece of real property to a tenant, I'm going to first want to know I'm dealing with someone with a good track record concerning credit. We have technology available now that can give me a credit report on the computer instantly on any rental prospect, so I definitely want to assure myself that my prospect deals with financial matters in a reputable way.
- Ability to Pay Does the tenant have sufficient income or other resources to easily pay the rent and other living expenses every month? Is the tenant employed or just independently wealthy? Does the tenant depend on any other parties to survive? The answers to these questions will tell you how secure this tenancy will be.
- Cleanliness A clean tenant has higher standards than a dirty tenant. It is a fact that clean tenant will care for your rental property better than a dirty tenant.
- Respect This is an important one. I have had the worst experiences with people who do not respect others. They may not even respect themselves, which usually means they won't treat your property very well since they don't respect it either. If they do not respect you as the landlord, you have a recipe for trouble.
About the author:
As a Real Estate broker / investor in New York, John Nuzzolese has been involved with rentals and investment property since 1979. Besides owning and operating two real estate businesses, he is president and founder of The Landlord Protection Agency, Inc. , an organization specializing in helping landlords and property managers avoid the hurdles and pitfalls and expensive blunders common when dealing with tenants.
More information on The Landlord Protection Agency is available at www.theLPA.com
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