Miami Rental Property Tips for Savvy Landlords

Unruly tenants and default payments are just two of the things landlords need to worry about in order to operate a Miami rental property. Property management is the crux of any successful business. But the task doesn’t start once you acquire the tenants and the money start coming in – it begins during the screening of tenants. Taking shortcuts when screening prospects can surely plant the seeds of future troubles. So if you want to be a smart and savvy landlord, check out these simple tips in handling rentals.

Research and due diligence

Just because the prospective tenant has an attractive credit report and handsome deposit check, doesn’t mean it’s all good. Bogus tenants are prevalent nowadays. They doctor their credit reports to appear stellar and almost always offer bouncing checks. It would be greatly harmful for your Miami rental property business if you fall victim to these gimmicks.

What you must not forget is to double-check your tenant’s information. Sniff around and dig into your tenant’s background. You can even order his or her credit report and check it yourself. You must, however, obtain consent, SSN and other required documents. If you think this to be too costly, you have the option to charge an application fee to cover the screening expenses.

Check the references

If this isn’t your tenant’s first time renting, don’t forget to ask at least two landlord references before accepting him or her in your Miami rental property. If possible, ask for the past landlord or landlords instead of the present one. Once you get the names, take some time to ask them about your prospect tenant. This is one the best ways to check for red flags that might be hiding in your tenant’s past.

If discrepancies surface, make sure you know how they are resolved before judging. Default payments in the past, for instance, may just be the cause of sudden layoffs or emergencies. If the tenant patched things up with his or her previous landlord and left the apartment in good terms, there’s no need for you to worry.

Don’t forget to buy the appropriate insurance

You must protect your Miami rental property for any future troubles. Even if your tenant passed with flying colors, you just don’t how what will happen in the future. So to protect yourself from possible dangers, always remember to buy adequate insurance. Also, you can ask your tenant to purchase a renters insurance. This will be greatly beneficial in protecting the tenant’s belongings since your insurance will only cover the property’s repairs and maintenance.

Mark Michael Ferrer
Miami Rental Property

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