Finding stable and suitable tenants for Philadelphia apartments is a huge priority for landlords, but slowing down and asking thoughtful questions of even the most desirable seeming applicants can save trouble down the line.
You, of course, want to fill your Philadelphia rental quickly, but there are important things not to even think about skipping in the process.
What Background Checks Tell You
When a great tenant comes along, it is often tempting to not even bother with a background check. Everything seems right and you save a little money, but it is also a dangerous road to take. Trusting your first impression and instincts is certainly a good part of tenant screening, but don’t let it be everything. Think of it in terms of mistakes. If the person ends up being a bad tenant, you could be out costly repairs. Say the tenant has a history of drug problems and trashes the apartment, and you end up replacing appliances, repairing plaster or sheetrock and fumigating the place. That $25 background check will seem cheap in comparison.
Then consider how long it will take to do those repairs and re-rent the apartment. Time is money, and you’ve lost again. Add the headache such a tenant can give you, and then spend that money on a background check!
Taking The Tenant Bait
Another temptation for land lords or property managers in a hurry is the prospective tenant who is so anxious to get into your Philadelphia rental that they offer you cash upfront. A stack of cash is hard to turn down especially if the unit has been vacant for a while, but don’t fall for it. It is the time to ask some pointed questions. Why is that tenant so anxious to move in? Perhaps, he or she is being evicted or is being forced to move for another reason – like non-payment. A good talker can easily prey on your emotions so do a background check to try and verify their story.
Most tenants don’t rush into a rental. They look at the apartment thoroughly, ask questions and spend a little time thinking about it. If your prospect doesn’t even do a walk-through or asks no questions, your radar should trip into action. It might mean they don’t plan on staying long or ever paying rent beyond the first month.
Screening Is Mandatory
While you might save a few dollars by trying to rely on your instincts, in the long run, doing a good background check may save you thousands of dollars and stave off the headache factor with tenants. Your Philadelphia rental is your livelihood and you should be protective of it. The fewer move in and move outs you have, the better your profit margin stays, and that’s just the way you want it.
We all have a heart when we hear sad stories. Just make sure you aren’t basing a business decision on emotions.
