Thursday, November 8, 2012

Yes, We're talking about Nightmare Tenants!

How could you get through the door?

We don't  like talking about it, but it happens. (I think we all know people in the category of 'I tried it once, it was awful, so I'm never doing it again!')

The nightmare tenant. It usually happens when landlords self-manage their rental properties and due to inexperience or not being a 'tough nut' end up with a tenant (or tenants) who are less than desirable.

So what are the common ways tenants can be a nightmare:

  • Not paying rent on time - or not at all.
  • Trashing the property (there are so many possibilities as to how!)
  • Illegal activities - Unfortunately Meth labs are becoming more common.
  • Party Animals - They annoy the neighbors like nothing else.
  • Bringing in the extended family - Instead of 4 in the house there are 14.
  • Legal Buff - The ones where they have been great all through their tenancy, until such time when you tell them you are going to make a deduction from their bond. Then they fight you tooth and nail!

Here is a 'fun' article on the top 10 nightmare tenants from a property management firm in Las Vegas. I think my personal favourites are:
 #3 - Sub-letting the patio
 #8 - Horses in the back yard

Avoiding nightmare tenants is not too difficult (in my opinion). This is especially true if you use a reputable property management company or you are truly vigilant - from due diligence when you sign-up tenants, to regular inspections and maintenance. If you are self managing then a backbone is mandatory. You need to follow through at the very first sign of things turning south!

Share with me some of your 'nightmare tenant' stories. Hopefully  enough time has elapsed so it doesn't feel so raw.

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