As the leader of property management in Las Vegas, Triumph understands just what it takes to secure the very best tenants. Tenants are a valuable asset for your investment, assets that are worth worth taking that extra time to find. Learn how to find a good tenant right here!
If you’ve ever asked yourself how to find a good tenant, you’re on the right track. There are many landlords who overlook the value of quality tenants, something that does a disservice to their investment as well as the incoming tenant.
Quality tenants are, after all, a necessary component of any investment – that core part of the investment that secures the financial return all investors seek. To think of tenants as burdens, as liabilities, is to mismanage and undervalue your property.
How to find a good tenant
So how do we find a good tenant?
As Triumph, we have installed a sophisticated mechanism that filters through the very best tenants. It’s a system that addresses the concerns of landlords, one that looks at the financial viability of the tenant, their background, as well as their previous occupancies.
In other words, Triumph offers a total solution to tenant selection in Las Vegas – property management that ensures only the very best tenants occupy our client’s property. This process is intensive and time-consuming, but its time well spent.
There are two types of landlord when it comes to Las Vegas property management: those with the time to find new tenants, and those who simply don’t have the time on their hands. The approach from each side is very different, often catastrophically different. In order to learn how to find a good tenant landlords need to invest the time.
Landlords with time on their hands are able to inject the necessary effort. They’re able to meet the prospective tenants in person, to validate their references, to perform the required background checks, and to acquire the necessary deposit from the tenant.
And if you have 5-10 tenants to screen, this process can – quite understandably – take some time. Landlords, and even prospective landlords, need to understand that tenant selection is a core part of Las Vegas property management. There are no two ways about it.
Choosing the wrong tenant
Many landlords, for whatever reason, fail to secure the best tenant. This could be due to a lack of time or effort, or perhaps even both. What is certain, though, is that choosing a bad tenant can leave a legacy of financial trouble that no investor wants to deal with.
Let’s not forget that a contract exists between landlord and tenant – and that both sides are obliged to keep to this arrangement. Landlords need to know local, state, and federal legislation to the letter when dealing with unscrupulous tenants.
Failure to abide by this legislation can burden the landlord with a real headache, as removing the tenant from the property can take time (something that the law predisposes us to). It also means reduced income from the property over that period.
How to find a good tenant? You’ve got the idea by now. It means investing both the time and the effort. It means checking the tenant – both financially and personally – to a level of satisfaction that warrants your trust.
As we have learned, choosing the wrong tenant can have disastrous results. It means a loss of potential income over what could be a protracted period of time. Avoid this unnecessary burden and invest the time, or invest this time through a property management firm.
If you’d like to learn more about tenant selection for Las Vegas property management, check out this page for more information. Tenant selection is but one part of what property management firms can do to maximize the potential income from your investment.