There are some things you just don’t settle for. Like low-fat fetta, or an $8 bottle of wine. That face you make when you accidentally go for the 1% sour cream instead of the 100%? Yeah, you’ll be making that way more often when you’ve got a bad tenant.
We all understand the need to get a new tenant in as soon as possible, but before you go calling on the first applicant who’s dropped their hat in the ring – take a look at why you should hold out for the best.
1. Bad tenants can create more debt
A bad tenant can potentially create a larger dent in your bank account than if you waited a couple of weeks longer for a tenant who didn’t possess an untrained kelpie cross staffie. Replacing a chewed-up carpet across a two bedroom apartment can easily reach beyond $5k that will likely come out of your own back pocket, despite rental laws attempting to protect landlords by putting that cost in the hands of your tenant. Once Cletus and Buck have left the property and disappeared into a puff of smoke, you’ll be left with nothing but property on the market waiting for its due fix before any tenant in their right mind moves in.
Increase your cashflow by self-managing your property.
2. Good tenants keep the bills paid
Tenants who pay their rent on time make an incredible difference to the regular cash flow that a landlord experiences in their personal life. Not being able to pay the bills because Silly Sally and her Hopeless Holly roommate ‘forgot’ for the third week in a row won’t cut it when you pitch the same story to your water providers. Tough love baby; hold out for the tenant who’ll pay up on time.
3. Great tenants stick around
Find a tenant who doesn’t change home every five minutes. Bills for advertising, open-houses and real estate fees add up when your property goes back on the market more regularly than you change the milk in your fridge. Good tenants will treat your house like it’s their own, and through that – they’ll stick around longer, giving you the peace of mind you need.