In today’s episode Laci LeBlanc and I talk about How To Choose The Right Tenant For Your Rental Property and the strategic, and tactical, steps you can take to ensure that your tenants not only pay the rent on time, but leave the property in as good or better condition than when they moved in.Whether you are an accidental landlord or a seasoned investor, I think you will find this episode thought-provoking and enlightening.
SHOW HIGHLIGHTS
- In this episode we discuss the art and science of selecting the best tenant for rental properties, emphasizing the need for strategic steps and criteria.
- Landlord-tenant relationships are critical and can significantly impact the landlord's bottom line. Good relationships can prevent costly repairs and maintenance.
- Setting and upholding minimum property standards are vital. Both landlords and tenants should be accountable to these standards.
- Maintaining positive landlord-tenant relations, especially when it comes to property repairs, is important. Prompt response to tenant requests is a must.
- The pros and cons of in-house repairs versus outsourcing are discussed. Outsourcing may save time and money, but in-house repairs can give better control over quality.
- The importance of managing the reputation of rental units is highlighted. Partnering with owners that appreciate this can result in win-win collaborations.
- Landlords should not just focus on whether a tenant can pay the rent but also on whether they can maintain the property in good condition.
- Tenant screening should include verifying the tenant's income (at least three times the rent amount), job history, eviction history, address history, and landlord references.
- Consistency in the tenant screening process is essential. Every potential tenant should undergo the same process, such as running a credit report and criminal background check.
- We end the episode with a discussion on maximizing profitability and maintaining property standards. It stresses the importance of consistent criteria and processes in tenant evaluation.
LINKS
Be a guest on the Landlord Profitability Playbook Podcast
TRANSCRIPT
(AI transcript provided as supporting material and may contain errors)
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