For those of you with rental properties that failed to lease your units before September because you didn’t have your unit ready don’t rush.
Yes, these next few months are a little slower for landlords, but it’s only beneficial to negotiate the rent rate if your property has been on the market for longer than a month or you know it’s overpriced. It’s better to have a unit vacant for one month than the headaches, heartache, and cost of a poorly screened tenant. Evictions, repairs, and re-marketing cost more in both time and money.
Fill vacancies carefully and look for obvious red flags, examples we’ve learned from are tenants that need immediate occupancy (like tomorrow), tenants that want to make immediate improvements to the property, and tenants who can’t come up with a security deposit. You’ll find using a standard application with income verification, previous landlord references, and credit check will help build a system for tenant screening. And, that’s how an anxious landlord avoids mistakes.