We've bought our first rental property and are keen to get it rented out, not only as quickly as possible but to a tenant who is not going to wreck the place.
Trouble is the PM where is are are pretty slack. We have one prospective tenant at the moment but who are a young couple with 1 child and one very close on the way. Trouble is she put the application under her name (and has no rental history) and says that her partner does not have any history either. However finding out info about the partner is a little difficult. Apparently he lost his wallet and ID (ummm suss) and was previously living with his parents.
What should I do.
The REA is checking both there names on the rental register. Has rung her previous place of work.
Should I look for another tennant or should I force the REA to get more info.
Rentals are a little soft in winter and has gone from being a tight market 4 months ago to being a surplus at the moment. What should I do??
Do not rent it out to them!
Good luckHI island girl. I would be inclined to agree…..we recently had an IP tennantless (is that a word?) for just on a month, where rental propertys are very tight, and the PM had plenty of notice to get a new one immediately. WHen I queried, they did explain that they get a ton of applicants still, but many are more trouble than they are worth, and they don't want the headaches either. We did get one, and he seems to have been worth the wait, and wanted a long lease. SOme PM's throught the first applicant in they get, others have slightly higher standards. Couple of extra points…..Often if someone has no rental history, PM's are happy to talk to the agent they sold their last home through, even out of the area, as they can vouch for if it was looked after or not. If they have no rental history and no previous home……mmmm. And make sure you take out Landlord insurance, which is basically BUilding and contents AND tennant protection as well. The tax deductable couple of hundered dollars is essential….and allow you to 'set and forget'. All the best. V8
I agree with above posts. Even if you are covered by insurance the risk of a bad tenant is not worth the hassle, stress and could end up costing you more than having the property vacant. My first tenants where similar to your applicants though had no kids. The male lost his licence, they used to rent an appartment that belonged to his mother, the dogs he described as little fluffy dogs were staffyx boxers. They had excellent work history and references. They ended up being compulsive liers and took us to court (along with many lies). We had to prepare statements and evidence. – Now I'm really strict and if their application isn't squeky clean, I don't even bother investigating them. I'd check your agents advertising to make sure they are making your property attractive to tenants, and your property stands out.
Are there other property managers in town or are you stuck with only one company?
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