As an investor, have you had a run-in yet with a 'Professional Tenant?' If you have, you'll know instantly what we're talking about in today's article—and why it's so important to work with professional tri-state property management services to detect and avoid them.
If you haven't yet had the pleasure of experiencing these kinds of renters, then it's critical that you know what signs to look out for. What are the hallmarks of a Professional Tenant—also referred to as 'Serial Squatters?' You can typically identify them by:
However, many of these characteristics don't emerge to horrify tri-state property owners until after they've already made the mistake of opening their real estate investments up to these renters. That's a mistake you can't afford to make with your rental properties this year!
When you allow these 'renters' into your home, you'll not only potentially lose out on thousands of dollars of rental income in the form of unpaid rent, but you could also be on the hook for thousands more spent on property renovations and cleaning services. For some property investors, this is damage upwards of $60,000 in some cases—and for something as random as housing 25 goats in the living room.
Don't let random amounts of goats happen to you! Consider the following tips to dodge these problem renters before they ever set foot in your rentals.
Fancy legal note: Of course, this article is not an attorney—so while we're sharing some good information, we always recommend working with your attorney or an experienced local team like Rentwell to ensure you stay on the right side of the law. Being on the wrong side can be worse than dealing with a Professional Tenant!
Think of your tenant screening process as a suit of armor for your investment properties that deflects all kinds of hazards. However, this can only work effectively when your screening process is professional grade.
While you can't dismiss an applicant based on the Fair Housing Act's protected classes of:
There are some alternative factors you can investigate when screening your future renters. Keep in mind that these protected classes may have additional protections at the state level, so working with an experienced tri-state property management company can help reduce your liability.
That said, there are still details you can explore as an investor to undertake a thorough tenant screening. It's the following factors that usually betray a Professional Tenant—and keep them from invading and destroying your rental property.
Professional Tenants are less likely to target a tri-state investment property that's under the care of full-service property management. They know the experts are more likely to spot and shut down a rental scam in progress. Plus, here at Rentwell, we are the champions of property inspections. We inspect rental properties more often than the competition—and we screen your rental property like seasoned pros.
Once we've found an excellent renter and placed them in your rental home, we routinely do property checkups to ensure everything is operating as it should—and that your renters are safe and happy in their homes. Even if you don't have a Serial Squatter lurking in your property, this is a great way to preserve your income by noticing any property details that could do with routine maintenance and repairs.
Leave your rental properties in the hands of professional tri-state property management! Contact us today to get started.