CHAPTER 12 Property Management 101
In order to have a successful rental property, you need to know about all the different aspects of property management. This includes finding, keeping, and dealing with tenants, lots of legal information, and taking care of the property itself.
WEED OUT "BAD APPLES"
Without a doubt, the most important step for an investor to take during the entire rental process is screening all potential candidates in order to weed out the “bad apples” and find a good- quality tenant. In most cases, good tenants lead to rental bliss. However, a bad tenant will almost always result in a bad tenancy experience, leading to an overall bad rental property experience. There’s no way around it — you must screen every single tenant! You must ensure you’re comfortable renting to them before you have them move into your property. This protects yourself and your company, reduces your risks, and can help you avoid a potential disaster.
Set Up Minimum Qualification Standards
The first step in the screening process involves setting up minimum qualification standards to protect yourself. You might be wondering what these are. Basically, these are the very minimum standards that you decide each and every single prospect must meet in order to qualify as a potential tenant. If an interested candidate doesn’t meet all your standards, then they aren’t able to rent your home. Plain and simple! This way, 86
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