Renters guide to avoiding bad tenants

James Whitehead No Comments Share:
The skyline is changing with both old and new buildings either being renovated or constructed by developers and the owners are looking to make some money through rents in Phnom Penh’s constantly growing property market. KT/Chor Sokunthea

Finding the right tenant can be a daunting task. But it can immediately go from bad to worse if you suddenly find yourself dealing with a bad tenant. But how do you avoid getting into an agreement with them in the first place?
Realestate.com.kh has listed some tips you can use to ward off renter woes.
 
Manage expectations
It’s important to have a checklist of qualities you look for in potential tenants, but don’t set unrealistically high expectations for them. Every tenant has their own flaw. So, look for someone who’s willing to cooperate and compromise instead – someone who has consideration for you and your property.
 
Enter into a dialogue with interested renters. Find out their needs and let them know yours. Let them know what you expect from them and ask them what they expect from you. And if something isn’t doable, let them know too. That way, you both have a better understanding of how to carry out these expectations. And if you do run into problems, at least you know who’s liable and what the process is.
 
Do a background check
After falling head over heels for a tenant, it’s important to get as much background information about them as possible. That helps you verify if they’ve been good tenants with their previous landlord. This also helps you get a good sense of the tenant’s character – allowing you to evaluate whether you’d have a good dynamic as landlord and renter.
 
If they’ve never rented a property before, you can also get their employer as reference so you can investigate their credibility and capability to pay rent. If they can’t or do not want to provide references, then that should be a red flag.
 
Advance payment
Not all tenants will be willing to shell out advance payments. But their willingness to do this can also be used to determine their ability to pay. If they have no problem giving you a six-month deposit, then it’s more likely they’ll be able to make the succeeding payments.
 
Having them pay in advance gives you security that if they’re not able to meet monthly payment deadlines or they break something in the property, you at least have their money as a way to compensate for their neglect or carelessness.
 
Want to learn more about renting out properties? Go to Realestate.com.kh now, the best source of information for buying, selling and renting properties in Cambodia. James Whitehead is Director of Content @Realestate.com.kh

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