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Landlording 101 Guide - How to Prevent Renting to Bad Tenants in New Jersey Weed out bad tenants, save time & energy, and sleep better at night.
INTRODUCTION:
The type of prospective tenant you attract is largely contingent on a number of factors including neighborhood, unit mix, rent rates and your marketing methods. Attracting the best possible prospective tenant is the first step to selecting the best possible tenant.
The relationship between a landlord and a tenant should be cooperative, not adversarial. Much like a business and his customer, a landlord and his tenant want to establish a long term mutually beneficial relationship. It must be based on respect for each others property, privacy, and right to profit.
As business owners market to the appropriate customer for his products, a landlord must understand how to market to attract quality tenants. And as that successful business man knows how to present his goods in an attractive manner, a landlord must be sure that his available unit is ready to be shown to the most particular of tenants. If a busines does not price competitively its prospects can shop elsewhere. Similarly, a landlord must know the rental market and keep his rents competitive. A landlord that maintains a quality property will attract quality tenants or, in other words, the best defense against attracting undesirable tenants is to be professional and prepared in your presentation.
Besides a professional image, nothing should be more important than your gut feeling about a prospective tenant. However, relying on your instincts, is no way to run a business or determine who will be a responsible tenant. Often times a tenant may appear to be more substantial and claim to be more financially capable than he truly is. Decades of professionally managing properties has made our landlords very skeptical and the best advice we can give is that no matter what your gut feeling is about a prospective tenant – do your due diligence!
This guide available to Premium members will help you to attract good tenants, learn how to effectively screen, discuss the forms you will need, and build a professional relationship between you and your tenants.
Whether you are a seasoned veteran landlord or an accidental landlord, this guide has great information that will help you avoid costly mistakes in running your rental business. Use the links below to navigate through the different sections of the guide.
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