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What do you do when you are experiencing vacancy? As an investor, things can become a bit nerve wrecking when you don’t have the tenant's income to support your rental. Most investors have a mortgage too, so cashflow can be tight if there is no rent coming in. But the worst thing you can do is put a poorly referenced tenant in to solve your vacancy problem. A whole lot of other problems begin.
A good tenant is half the battle, you need some to pay rent on time. If they are pleasant to deal with, they will leave the property in good condition.
Just this week, we have been handling a high-end rental which has had two weeks vacancy. But when the rental reference returned from a prospective tenant showing some tardy rental payments on the ledger, I immediately told the owner we should keep looking because these things rarely change. If a tenant is late in paying rent previously, they will continue to do so with you.
The previous rental history is the key to predicting the future as to how the tenancy will pan out. It’s especially important to collect two as some unethical agents or landlords may give a glowing reference to a less than ideal tenant, just to offload their problem to you.
There are good tenants out there for every property, but leopards rarely change their spots.