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Property Management Blog

Published on Tuesday, August 26, 2014

Effective Ways that Property Managers Use to Avoid Bad Tenants

Property managers go through vigorous training in order to deal with all sorts of tenants and the problems they may provide. Many landlords have often used the help from property management companies in order to deal with bad tenants and helping them select reliable tenants who will not cause any problems. So what are the ways which property managers use in order to avoid bad tenants? Here are some of most effective ways that property managers use when screening tenants.

Examining the Credit Report:

One of the best ways to make sure that you are getting a reliable tenant is by checking their credit report. This will give you a good idea about the financial capacity of the tenant and whether they will be able to pay your rent on time. Also ensure that the tenant does not have any outstanding debts and has a good record with the payment of bills.

Verify Their Job Location:

This one may seem weird, but it is a great way to screen tenants. You should find out how far they have to travel in order to get to their job. The further away the job is to their home, the more gasoline is being used. This will give you a good idea about the expense of your tenant and how much they are willing to spend in a month.

Job Security:

The most important thing to consider when you are renting your property to a tenant is to verify whether the tenant has got a good stable job. Check for job longevity and financial stability, since both are good indicators of a reliable tenant who will pay the bills on time and will not argue unnecessarily.

Previous References:

When you are interviewing prospective tenants for renting your property, keep in mind that some of them will not share their previous experiences with landlords. Therefore you should always ask the previous landlords about the tenant’s nature, behavior and ability to manage the rent on time. This is one of the most helpful resources when it comes to finding reliable tenants for your property.

The Family of the Tenant:

One great way to find the nature and reliability of the tenant is to interview the family members individually about the background of the tenant. Keep in mind that sometimes the family members may be prejudiced so never take their word for granted. Also find out how many people are going to be living on your property, since that will allow you to set an estimate about the expected wear and tear of the property.

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Author: Web Master

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Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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