RENT Magazine Q4 '22

Here are 7 types of tenants every landlord should want:

Good communication is essential to keeping things running smoothly between landlords and tenants. A clear communicator is consistent and adaptable. They share information in order to be clearly undevrstood and receive information in order to understand. Tenant prospects who communicate in a way which builds mutual trust are more likely to become tenants who communicate clearly around issues that may arise during their tenancy. A person who values honesty is likely to be honest, even if the truth may not work in their favor. Tenant prospects who don’t hesitate to be honest about their rental history, career status, financial capabilities, etc. are able to communicate both favorable and unfavorable information. They also exercise respect for guidelines and decision criteria that landlords put in place. These prospects could become solid tenants who respect the terms of a lease, appreciate a landlord’s candor and transparency, and respond maturely when there are disagreements. The ability to understand how today’s decisions impact tomorrow is an admirable trait for anyone. This mentality allows one to constantly evaluate beyond the present moment. This means thinking critically in complex and confusing situations, focusing more on quality of decisions and less on feelings. Tenant prospects who display this sort of forward thinking will connect the dots between what they see and what potential outcomes could be. People who plan ahead are meticulous. They set realistic expectations and are quick to highlight when something cannot be done on time. They do what they say they will do when they say they will do it, because they planned it that way. Prospective tenants who demonstrate this are highly likely to become tenants who pay rent on time, respond to notices promptly, and seek to proactively renew their lease. They care greatly about meeting deadlines and manage life with an awareness of the need to handle business in a timely manner. As tenants, these individuals are inclined to proactively respond to a variety of situations. Maintenance requests will be submitted long before an issue leads to expensive repair and correction. Changes in their life situation may lead them to proactively seek payment arrangements for rent before they become delinquent or are in danger of eviction. Their decisions will be thoughtful and in turn, could pay off largely for the landlord. A person who understands numbers (especially when it comes to financial literacy) knows the importance of having an emergency savings fund, building margin within their monthly budget, and prioritizing expenses. Tenant prospects who have (or are developing) financial acumen are well-positioned to become tenants who are prepared to pay rent, utility bills, tenant-caused damage fees, and more. These tenants are crucial for ensuring the rental property stays on track with income/expense management.







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