Hello people.
I'm going to be a first time landlord and don't want to use an agent. Mainly because I want to build up the experience and use them later on when I have a larger portfolio.
Can any experienced landlords out there who manage their own properties provide me any advice or good tips on how to screen potential tenants. Such as what checks to do on them, what to look for and so on. I don't want to pay for an agent to find me a tenant either. Again……. I want the experience.
Basically strategies to use to limit the chances of getting a bad tenant.
Thanks
1. In addition to application I ask for 2 writtten references, 3 payslips, photo ID (this quickly gets rid of applicants that turn up at 8.00am smelling like they've just finished a beer.
2. Always ring previous landlord
3. Always ring their bosses and get a verbal reference to find out if they are reliable/good employee
If I still have doubts (Guilty, until proven innocent)
4.Check that the previous address they've given me is actually correct
5.Do a driveby their current address to see if kept tidy
6. If your feeling unsure, advertise again and you'll find your ideal tenant. I also have property well maintained to attract good tenant. If you have any doubts about tenants, listen to your feelings. Ask prospective tenants questions to get a feeling what they will be like. (eg easygoing, pain-in-the-a)
Good Luck, it's quite interesting the people you come across! LThanks Millions.
This is very useful info.
Sounds like you would have some good stories to tell.
A good property manager is worth their weight in gold, ours is. I don't care to be phoned every time a light bulb dies.. Their fee is tax deductible and it frees up your time to play. They have access to the most invasive data base that would make any civil libertarian become incontinent. Don't do it to yourself…..
Hi Barts78, yes I've had some interesting applicants… and a few of them that I wouldn't choose to live in my property have come from a property that has been managed by a Real Estate property manager. It can be time consuming choosing a good tenant and I do sometimes wonder if someone with a porfolio of 100 tenants can find the time and effort to choose a better tenant. I have a property in another state that is managed by a top property manager, it's a nice feeling being seperated from the tenant and property, but until I get sick of managing my two properties near where I live, I'll continue doing it for now.
Thanks lalibella.
I understand agents worth, however the time that my prev. manager spent on my apartment managing was…… well nothing. I figured if he can do it then so can I. When I have more properties under my belt, I will consider passing them onto a good agent.
Thanks
Thanks millions.
tend to agree with you.
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