5 Red Flags to Watch Out for When Selecting Tenants
Jul 04, 2023
I recorded a fantastic podcast episode about tenant selection with Sophie Anapliotis the other day and I couldn't wait to share some of the insights I learned with you all. Trust me, it's a game-changer!
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Communication is Key: One major red flag to watch out for is constant calls and follow-ups from applicants. While it's important to stay on top of things, excessive impatience might indicate potential issues down the line, especially when it comes to maintenance requests.
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References Matter: When checking references, keep an eye out for delayed or incorrect documentation. If references fail to provide the necessary documents or don't get back to you on time, it shows a lack of accountability and working together.
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Address Check: Don't forget to cross-check the addresses on the driver's license with the real estate references provided. It's not uncommon to find different addresses on one application, so always ask for clarification. And be sure to verify if the references are actually the owners of the properties or just tenants.
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Mind the Gaps: While missing gaps in an application can be acceptable, it becomes a concern when things don't add up. Use data to check the rental history and ensure that the dates align with the applicant's claims. It's all about making sure the puzzle fits together.
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Trust Your Gut: Gut feelings and non-verbal cues can be powerful indicators of potential issues. Experienced property managers often pick up on subtle signs that may go unnoticed by others. If something feels off, it's worth investigating further or seeking training on non-verbal cues to develop your natural sense.
Remember, tenant selection is a crucial step in ensuring a smooth tenancy. So, be cautious of applicants who excessively complain about their previous landlords or agents during the application process. Just like in a job interview, badmouthing previous bosses is never a good look.
I hope these red flags help you make more informed decisions when it comes to tenant selection.
Happy property management!