Obviously we can’t be property investors without tenants, they help pay our mortgage.
So while the quality of your investment property is important, so is the quality of a tenant who occupies it.
By the way, one of the problems with allowing the presentation of your property to decline is so does the qualifications of a tenant, and from there we have a vicious cycle downwards.
For me a good tenant:
- Pays on time.
- Stays long term.
- Keeps to conditions on lease.
- Reports maintenance in a timely manner.
- Is respectful of the owners property and agencies rights to manage.
Here are some signs of a prospective tenant that could lead to a bad tenancy occur right from the start.
The references may be below average, payments are late or inconsistent, or they may be unable to a pay a full bond.
Sometimes they are looking for accommodation in a desperate state like now or need to find something today .
These signs will be further backed up by their dress use of language, attire, car and general gut feeling.
For me there is never any benefit of solving one problem with another i.e. vacancy- with a problem tenant.
Tenants don’t change their spots.
It’s likely that if they’ve been difficult before they will be difficult again.
It will be your mental health, cash flow and property that suffers.