While most tenants are good tenants, leaving the property they have rented in almost the same state in which they found it and paying their bills in full, there will always be a certain percentage who have either caused quite a bit of physical damage to the property or still owe money to the landlord.
If there is a lot of damage to the property or unpaid utility bills or rent, the landlord could be left with the “potential rental income for that year nullified”, says Michael Bauer.
He says this small percentage is the reason why many landlords will not rent to tenants who do not meet all their qualifying criteria.
If there is a lot of damage to the property or unpaid utility bills or rent, the landlord could be left with the “potential rental income for that year nullified”, says Bauer.
Possibly, he says the most important part is the choosing of the tenant, and landlords need to be very thorough in checking references – it is important to check professional references like other agencies, affordability and verify employment – which Mgilija Properties does.
If the prospective tenants meet all the qualifying criteria and have a stable income, they are more than likely to pay all of their expenses each month and will want a stable living environment. This is the type of tenant one looks for – who is not likely to be problematic or cause damage, says Bauer.
However, he says there might be a change in circumstances which could cause a tenant to want to move out before their lease is up. If this does happen, the landlord must not, under any circumstances, allow them to renege on their last month’s rental payment as the deposit might not cover damages or other unpaid bills.