Rental Red Flags
On a daily basis we come across a number of red flags that pop up during the rental process. Harbourview Property Management is in a unique position to see both sides of the transaction. We are often situated right in-between the Landlords and the Tenants, giving us a great vantage point in spotting those red flags.
First of all, when I say “red flags”, it doesn’t necessarily mean that the deal is over. But if something doesn’t add up, it’s time to dig a little deeper. Let’s take a look at a few scenarios to help protect you from a future breakup.
Too good to be true:
You’ve found your dream house, the rent is cheap, it’s ready when you need it, and the landlords are the nicest people you’ve ever met. Red Flag! The adage too good to be true exists for a reason. I’m not saying you can’t find a place like this, but when everything aligns this perfect you need to ask who’s pulling the strings and what are they hiding. Trust your gut. Don’t head for the hills, just dig a little deeper. Of course this works for both sides. When the “ideal” tenant arrives at your rental property don’t be too quick to sign them up. Stick to your vetting process and cover every angle. Given enough time something will pop up.
Desperation:
This is another one that works on both sides. I usually see it more with tenants. In some of their responses to adds they will literally use the word “desperate”. This is a big red flag. Again, not a deal breaker right off, but you’ll want to limit how much energy and faith you are extending to this prospect. If a tenant or a landlord is ready to exchange money right away you need to pause and ask “why?” What has gone wrong in the past to put people in this predicament, and why now are they so desperate? And, will this desperation end when a lease is signed, or will it only turn into something worse? You don’t need to be a callus jerk, but keep a keen eye for sob stories.
TMI:
Too Much Information! The other day I had prospective tenants that showed up late to scheduled viewing, gave me a sob story about all of the reasons they were late, and then proceeded to tell their life story. Now I’m all for healthy conversation, but after taking up an hour to tell me story after story they were no further ahead. And once their application came through, most of it was blank. Too much information is often misleading. It turns into a smoke and mirrors, misdirection, red flag extravaganza! If you can’t get a simple question answered about a property or a tenant, but you still get stuck in a 20 minute conversation, it’s time to re-evaluate!
There are no set rules, and not everything applies to every situation, so when you’re about to commit yourself to a lease (with a landlord or tenant) trust your gut. Only experience and keeping your eyes open will help you get through unscathed. Or, as always you can trust in a professional organization like Harbourview Property Management to spot those red flags for you.