Hey everybody, Matthew Whitaker back. I’m doing another installment of “Questions Owners Ask.” Today’s question is, I Want To Rent My Home In Denver – 3 Things You Need To Know. Let’s talk about that.
The first thing I would say where I think most people get in the most trouble is not screening their applicants.
A quick story about my mom, even though her son is a property manager, she always told me that she always had a good gut feeling about tenants.
She owned one rental house and always leased it by having a good gut feeling.
The house she owned was in a really nice neighborhood. This attorney and the stewardess came along. They were married with children, and my mom fell in love with them.
They said all the right things, smell good, you know, everything that a good tenant supposedly would look like. All of a sudden, she moves them in and their check bounces. They never ended up paying her a dime.
It takes us over six months to get them out. So, mom turned the house over to her rental property manager son, and so we managed it from then on.
Point being, screening applicants is important for many different reasons.
I have been told that scam artists look for people that are self-managing because they think it will be easy to pull one over on somebody who may not know what they are doing.
So, watch out for that.
Number two is to move quickly when something breaks.
The number one reason tenants move out of houses is that property maintenance is not being taken care of quickly.
And so, you need to make sure that you move quickly when something breaks.
Don’t leave a tenant waiting around on a leaky faucet or a clogged toilet. Even if it is the tenant’s fault.
You need to make sure the repair is done quickly and that you get the tenant essentially back online as quickly as possible.
The third thing I would say is don’t allow the tenant to fall too far behind.
You know, this kind of goes with number one.
Believing tenant stories can be a real problem, and not allowing them to fall far behind is very important.
Don’t believe the story when they fall behind in rent.
Just like a mortgage company wouldn’t believe it, you shouldn’t either.
Stay on top of it, make sure they know the efforts you are making. You should be quick and decisive and make decisions that are of the best interest of everyone involved. You can’t be nice to everybody.
Those are the three things that I would do if I was going to rent a house. I’m Matthew Whitaker with gkhouses. Thanks so much.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.