In a slow market, it can be difficult for landlords to find tenants for their rental property. While some may think that having any tenant is better than having no tenant at all, the truth is that simply renting out your fully furnished unit to any Tom, Dick and Harry just for a bit of extra money may not be worth the extra damage costs and many months of headaches in the future. According to Charles from kopiandproperty, while potential tenants could still fool the best precautions from owners but as usual, better minimize the potential risks before they happen. Here are his tips on the 10 things – or types of people – to think about when choosing potential tenants for your property.
The “Don’t Like at First Sight” Type
People always say ‘don’t trust a book by its cover’, but sometimes you just have to follow your gut feeling and reject them if they make you feel uncomfortable. (Of course, we do not condone racism when it comes to renting out property.)
The “Unrealistic Negotiator” Type
We all know this type. They will say your property doesn’t really meet their expectations, but are willing to rent it at a much cheaper price, or ask for a lot of other extras instead. If it really is that bad, maybe they should look somewhere else instead of negotiating.
The “IDC (I Don’t Care)” Type
Maybe they don’t care about how they look (or even smell), but these types of tenants are usually too self-centred for their own good. Even if they had just come from the gym, they should have taken a shower before coming for viewing. Respect is key to a good working relationship between tenant and landlord.
The Secretive Type #1
It’s understandable that some tenants value their privacy and do not want to reveal too much about their personal details, but if they cannot even answer basic questions like what they do for a living (to pay for their rent), then perhaps there’s something fishy going on.
The Threatening Type
Even before you meet them for a viewing, they are already asking for a lower rental. Never price yourself out of the market by bowing to the demands of entitled tenants.
The “MIA (Missing in Action)” Type
Ah, the elusive tenant. They get their agent or friend to be the middleman when they are the ones planning to rent. Unless you’re running a Airbnb, any landlord will definitely want to meet their potential tenant before signing a deal. Even if they cannot meet you personally, video calls are possible too. If it’s hard to meet them the first time, when you need to meet them in future, it would be almost impossible.
The Complaining Type
They will tell you that they are looking for a new place because of previous bad experiences, but further questioning may reveal that they themselves are the problem. They might soon be complaining that you are the bad landlord instead.
The Foolish Type
These types of tenants always seem to ask questions that they already know the answer to. They will ask if they can rent your fully furnished unit without the furniture, saying they deserve lower rental because they do not need this and that. Don’t waste your time on these types.
The Secretive Type #2
These tenants have no problem telling you about themselves, but when you ask them how many people will be staying in the unit, they need some time to reply. Be wary of these types of tenants, as they may sub-let your place to other people, or use it for other purposes.
The “Not Enough Money” Type
They will ask you if they can pay just one month’s deposit and rental, and say they will pay another month’s deposit later. A few months down the road and they will keep delaying payments, up to the point where they ‘forget’ to pay and do not have enough money. You will then be faced with the hassle and cost of evicting them.