I often discuss the four core fundamentals of property management.
Yes, they are all essential keys to running a successful rental property. However, tenant selection is number one because everything else stems from this.
This short video discusses why tenant selection is the key to a successful rental.
TRANSCRIPT
In previous blogs, I’ve discussed four key fundamentals of property management.
And indeed, they’re all important, but tenant selection is a vital aspect of property management.
You absolutely need sound systems and processes to do your due diligence when selecting tenants for your property.
You get it wrong; it’s not good.
These days, ending a tenancy is not easy, so having great systems and processes in place is critical.
If your selection process is sound, you will eliminate ongoing tenant problems, i.e.
🟢 Late rent payments or ongoing rent arrears.
🟢 Damage to your property.
Untidy tenants who deteriorate your property over time.
🟢 Noisy tenants who disturb neighbours with loud music.
🟢Not to mention illicit drugs and all sorts of other issues.
Getting this right is like setting the foundations down properly when building a house. Everything else stems from this.
Mastering the craft of choosing ideal tenants and maintaining consistent accuracy is a skill honed only over time with training and experience.
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