The tenants that you rent your property to will have a substantial impact on the overall profitability of your rental property. Evictions can be extremely costly and frustrating to undertake. Understanding tenant red flags can help you to weed out problematic tenants and ensure the best outcome for your rental property. It is crucial to thoroughly screen tenants in order to minimize evictions and protect your investment. Here are some of our top tenant red flags to watch out for to protect your property.
Lying on Application
Be extremely cautious when you catch a tenant lying on their application. While they may have simply misunderstood the application, chances are that they are trying to hide something. Lying on the application is a huge red flag when it comes to the tenant screening process.
There is a reason that you are supposed to determine a set income that is required for you to rent out your property. When an individual has insufficient income, it will be incredibly difficult for them to make ends meet and regularly pay rent. This can increase the chances of missed rent payments and potential evictions.
Trust Your Instincts
If an applicant gives you a bad feeling, you should ensure that you trust your instincts. There is likely a reason that you have this gut feeling, even if your conscious hasn’t picked up on it. Simply by listening to your instincts, you can often weed out potentially problematic tenants.
The tenant screening process plays a critical part in managing a rental property. When you ensure that your properties are filled with high quality renters, you will be able to minimize problems and optimize your profit margin. These are just a few of the red flags that you should look out for during the tenant screening process. To learn more, contact us at Besst Property Management for tenant screening tips!