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Tips on Finding Good Renters



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By : Dennis Mole    99 or more times read
Amidst the economic downturn plaguing the entire country, all businessmen are expectedly donning their own preventive and rehabilitative measures to secure their own business interests. In fact every single businessman are on their toes to observe the fluctuating market trends. But everybody wants to get all their money’s worth for every single cent they spend; and businessmen from the real estate sector is not spared from this.

Real estate businessmen thrive on buying and selling properties or buying and leasing business transactions. When the economic climate was still at its bloom, profit generation was always on a silver platter. However when the climate started to be gloomy, businessmen was prudent in all aspects of the business. They were very much careful in releasing funds, acquiring more properties and even client selection, especially those in the leasing or rental business.

The leasing and rental business is of the risky income generating activities in the real estate industry. When one is engage in such business, the property owner must be ready of the fact that he will be entrusting his piece of property to a stranger occupant for a fixed period of time in exchange for a specific amount. This means that control and maintenance of such property is assumed by the renter. It is in this end that a property owner tends to be very selective on whom they would want to entrust their property for a period of time. There are no hard and fast rules in selecting potential renters. But here are some pointers that may assist the property owner in selecting GOOD renters:

The bottom line of engaging in the rental business is generating timely profit from the collection proceeds from the renters. Needless to say, rental payments must be remitted on time as a slight delay might cause big impact to the cash flow and balance sheet of the property owner. Hence, the property owner must ensure that the renter has a good financial character and attitude whereby he would be responsible enough to meet all his financial obligations on time at all cause. It is advisable therefore that prior to any rental engagement with any of the clients, a quick but detailed background investigation be done.

The investigation must include the credit score card of the potential renter and his payment habits with his previous loans, amortizations and other financial transactions. This will give the property owner a prospective attitude on how he might handle his financial obligations once he enters into a lease contract. Should he possess negative records on credit handling, it is already a warning or an indicator that he might have complications later on with his financial obligations. The property owner, then, must think twice if he is still amenable to accept the applicant as his renter.

Attitude toward property management is likewise important. Since the property owner fully entrusts his piece of property to a total stranger, it might again be advisable to include in the background investigation on how he conducts himself in public. His attitude towards his work, property he is responsible with or if he has reported complaints in the police or any legal entities, would surely matter prior to engaging in a lease agreement. A good renter is somebody who has untainted personality and character in the society. This will give him less headache in the event he engages lease contract with such potential client.

The bottomline of the entire rental or leasing business is profit from temporary occupancy of tenants. Hence, property owners should make their lives simple and less complicated, they just have to engage lease contracts with GOOD Renters who can meet their financial obligations on time and can maintain the upkeep of the leased or rented property.
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