While landlords never want to be stuck with an empty unit, it is typically much better to wait for the right tenant to come along than to sign a lease with a tenant who isn’t a good fit.
Bad tenants can cost landlords and investment property owners in a number of ways, starting with no incoming cash flow from the property. But unfortunately, bounced rent checks (or no rent checks at all) is oftentimes just the start.
Renting to the wrong tenants can also cost you the time and money that it takes to repair and / or replace a long list of items that they may destroy. And in some cases, they may even steal various items, such as appliances, piping, doors, and just about anything else that they can get their hands on.
If or when the time comes to evict the tenant, this too can be both a costly and a time-consuming process. And you might be surprised to learn that there are many tenants who are very familiar with their rights throughout the eviction procedure.
In addition to all that, there is also the time that it takes to finally get the unit back in shape to put back on the rental market – which of course is time that you won’t be receiving income from the property.
So any time the signs point to denying a rental application, remember the old saying, “A bad tenant can cost more than a vacancy,” because moving on to a better prospect could end up saving you thousands of dollars in the long run.
Are you tired of all the time that it takes to find and manage tenants? You can delegate these duties and free up more of your time by working with a property manager. For more details on the many ways that an experienced property management team can work for you, Contact Us today.