Picking the right tenant is something that evades a lot of investors
If you cut corners when it comes to tenant screening, it could be one of the biggest problems you will encounter as an investor. When Steve first started out as an investor, he made the mistake of picking the wrong tenants and the wrong properties with disastrous results.
Pick the wrong tenant and you could be experiencing rent not being paid on time, constant phone calls, improper care of the property, court visits over rent or even eventual eviction procedures.
A quality tenant is vital to the success of your investment.
If you take the time to do thorough research (background checks, employment verification, etc) and pick the right tenant, your experience as a rental property owners should be a positive one where you receive on-time rental payments and know your property is in good hands.
At Empire Industries, we do a 20 point tenant screening process to ensure you are getting the best tenant in your rental property.
Qualifications are important
You need to establish strict qualifications and follow the right policies and procedures while making sure that you don’t violate the Fair Housing Law.
You are running a business and protecting the investor (even if that is you)
Having a bad tenant is worse than having a vacant property. Costs can start to pile up with a bad tenant from things such as: eviction costs, time getting them out of the house without rent being paid, make ready costs, etc. Problems will start and stop with the type of tenants that you chose.
If you are unsure on what policies to use, give us a call and we will help you. We will make sure that you pick the right tenant to avoid the stress of having a bad tenant and going through an eviction.
We can also help you buy, sell, lease, and/or manage a property.
We have a 1% eviction rate, we lease about 50 to 60 houses a month, and most importantly we do not deviate from our guidelines.
When picking the correct tenant, take your time to your due diligence and a thorough background check. Once you have picked the tenant, have a conversation with them and set the proper expectations to avoid problems down the road.
Here in Houston, you have to make sure that you are protecting and managing your property correctly with a business mindset. We, at Empire Industries, are always ready to help you with anything about your property from managing to growing your portfolio.
Give us a call anytime, and we look forward to talking to you.