Top 3 Money Saving Tips for Property Owners

As a property owner, it’s hard enough to look after your rental property without having to worry about losing money from bad renters. But unfortunately, it happens. In the ten seconds it took you to read this far, another property owner has likely lost money from tenants who either didn’t pay rent or damaged the property. So what can you do to avoid losing precious rental income? Here are the top 3 money savings tips for property owners to follow.

1.) Properly screen your tenants. When you’ve had your rental home on the market sitting vacant for a while, it’s easy to want to quickly give the keys to the first person who arrives with a security deposit and an honest face. Unfortunately, desperation and making assumptions is a great way to lose money. It’s essential that you run a credit check on potential tenants, verify your potential tenant’s employment by contacting their employer directly, and run a criminal background check before renting to them. Otherwise, you could have someone renting your property without the means to pay and then you’ve lost money. Don’t have the resources or time to do this yourself? Qualified Phoenix property management companies offer tenant screening services so you know exactly who you’re renting from.

2.) Follow up with references. Say you find a seemingly perfect tenant and their background check checks out. Checking references is just an extra step that can be skipped, right? Wrong. Even potential tenants with seemingly perfect backgrounds can have a past history of evictions, property damage, or worse. Many landlords skip the essential step of physically contacting references in their haste to get their property rented. That could be a huge mistake! Not every past rental issue shows up in the background check so it’s essential to contact, follow up, and verify each and every one of your potential renters backgrounds. This is just another service reputable Phoenix property managers provide for property owners in the tenant screening process.

3.) Change locks frequently. Have vacation rental or rental property in Phoenix that gets rented out often? Don’t forget to change the locks every time. It’d be nice to believe that previous renters won’t return to the property once they’ve moved out, but unfortunately it does happen. And if your previous tenants kept a copy of the keys, they have access to the home which can result in theft, property damage, and more costing you time and money. Even if your previous tenants were not forcefully evicted, Property managers in Phoenix recommend you change the locks regardless and offer lock changing services to property owners as well.

If you’re seeking a professional Phoenix property management company to find and screen tenants, maintain your investment property, or evict troublesome tenants then contact the Simply Property Management-Paielli Realty, Inc. team today! Our associates provide personal service to help you achieve your property management goals and have been doing so for over thirty years.

Greg Paielli

Simply Property Management – Paielli Realty, Inc.

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