As a landlord, it's important to select quality tenants for your investment property.
While a high rental return is important, it should not be the only factor to consider when picking someone to live in your property.
Here are 5 warning signs to watch out for:
Tenant is quick to find faults during inspection - while it's reasonable for tenants to report issues that are likely to impact their stay at your property, if you find them reporting every minor and trivial issue during the inspection but still submit an application, you might be dealing with a chronic whinger. It may be worth steering clear of such tenants, who are likely to report issues and require you to constantly incur costs for unnecessary low priority items.
Tenant has something to hide - if the tenant is not providing additional supporting details or references as part of their application, there is likely an issue they are trying to hide. If you ask them specifically and they cannot produce this information, it's probably best to go for another application.
If tenant is always in arrears - if the tenant is always behind on payments and coming up with excuses for late payments, it would be best to serve them their notice to leave. Rent should always get paid on time.
If tenant constantly moves - if the tenant's history shows that they change leases every 6 months or more often, it shows a lack of stability and reliability, and may mean the tenant was asked to lease other rental properties in the past. You will have the headache to re-advertise the property frequently, will likely have longer periods where the property is vacant, and will end up paying additional leasing fees.
Tenant presentation - if you find that the tenant is poorly presented during an inspection, it will likely be a reflection of how their living habits will be. It's best to find a tenant who is well presented and respectful, as this indicates they are serious and will make an effort to look after the property well.
