Finding a nice tenant is like courting. You interview prospective employees until you discover someone who shares your beliefs and in whom you can place your trust. Instead of extended beach excursions, you’re seeking for someone who won’t break your heart by overflowing your sink. Apart from the inconvenience of repairing damage, choosing the wrong renter for your rental property might result in considerable expenditures. Particularly if there is a significant incidence of tenant turnover, which costs an average of $1,750 per month.
In severe circumstances, a tenant who refuses to pay rent or engages in criminal conduct may be evicted. Not only does this behaviour compromise your safety, the safety of your neighbours, and the value of your investment, but it also jeopardizes your health and financial well-being. Nobody likes to spend their hard-earned money on an attorney or filing fees, or to waste time in court or to lose money due to tenant turnover or vacancies. Thus, how can you find excellent renters in Tropicana or elsewhere in Malaysia who will not cause you any problems?
Stability of income and employment
Many landlords want proof of steady income and employment to feel confident in their tenant’s ability to pay rent in whole and on time each month. According to industry standards, a tenant’s monthly income should be three times the cost of rent, however this varies by state.
For example, rent in certain states is frequently significantly lower than in urban regions, and so the “3x rule” may apply differently depending on your location’s fair market rent. You must always seek an income estimate on your rental paperwork (visit your local legislation or legal advice to determine what you may request), but do not always believe the figures provided. Along with carefully checking each applicant’s income, you may also use handy tools like Income Insights, which analyses the following:
- How much money does your tenant contribute to their debts?
- Their debts and how much money they spend
Attitude of Respect
It is vital to select tenants who are respectful to the landlord and their neighbours. While dwelling in your rental house, a courteous tenant will keep you informed of maintenance issues and will fulfil their own responsibilities. Respectful tenants are more likely to:
- Rent must be paid in a timely manner.
- Adhere to the lease terms.
- Avoid escalating tensions with your neighbours or other renters.
- Prevent creating harm to your property that is not consistent with regular wear and tear.
- Communicate politely and expeditiously.
However, it is critical to remember that respect is a two-way street. Provide a move-in letter, promptly respond to tenant enquiries, resolve tenant complaints, pay for repairs, and discuss lease renewal early on to demonstrate the same respect to your renters. Why is it critical to have a positive landlord-tenant relationship? Tenants that are satisfied with their leases stay longer and have lower turnover rates.