Tenants, you will either love them or want to evict them. The risk of hiring the wrong tenant is always there for any new or seasoned landlord. However, there are ways to find the best tenant and pick them out from the worst tenants you could possibly imagine.
The kind of tenants you could come across can come in many forms; students, newlywed couples, unmarried couples, single working professionals and the list goes on. All of which would prove to be either the safest bet or make you have extra grey hairs for the duration of their tenure.
The Kinds Of Tenants You Will Find!
1. The Stable Power Couple
One of the key factors why stable couples are ideal for one is because they are both earning a stable income and secondly, they work as a unit and are more likely to make sure they take care of the bills together.
The load of the cost of rent and the added utility bills are usually divided to make sure that it is all paid and taken care of on time.
They are also more mature and think of long terms benefits, so make sure you take care of them right, in return for being good pay masters and understanding tenants. Simple gestures of making sure the house is in tip-top condition is a great start or allowing them certain discounts for early payments.
This is the seasoned professional who is probably climbing up the ladder and wants to have a property to rent that isn’t just a normal master bedroom being shared among other tenants. They are pretty safe, however the chances of them moving out is there if your property is far from their workplace.
There is a chance of them upgrading to somewhere nearer their office if they are to get a raise or better job opportunities. There is a high chance they will take care of your property because they have passed the party days and late-night house drinking sessions.
Be wary though because they could possibly be a little bit fussy in terms of how you service them as clients. Always be polite and always follow up with them if there are any complaint from them, to make sure they know you really do care about their needs as tenants.
The most common tenant in places like Klang Valley and any place that has a campus within a 5km radius. Students are a varied bunch, they come in all shapes, sizes, countries and quirkiness. If you are lucky you will find a bookworm that doesn’t trash your rental too much during their stay.
They can pay for rent, that is for sure. Their parents will be well able to afford the rent. However it is important to screen check students before renting out your place unless you are okay with your property to be used and abused over time.
If you aren’t though, meet up with students before sealing the deal. Get to know them a little and maybe even do some social media stalking just to gauge if they are of level headed mature adolescents.
With students sometimes, they prefer to rent out a place with friends which is okay if they all maintain the upkeep of the property and are honest. The one thing you wouldn’t want is that the property be overly packed like a can of sardines that will wear out the place in the long run.
4. The First Jobber
First jobbers are slightly more stable than students but haven’t reached the stability of a high flyer just yet. They are working to make ends meet and finding a place to rent that is within their budget. They usually try their very best to make a first impression and keep within the limits of renting a property and take care of not damaging anything that will cause their deposit to be taken away.
They are great renters, except for the chance of them being late on payment due to other commitments at hand that may arise during certain months like festive seasons on the month they have to pay their car road tax and such.
Don’t be too worried, it happens to the best of us sometimes. The best way to handle such situations is to be upfront and honest with your tenant. Let them know to be honest on months they foresee a slight delay in payment. It is not to make it a habit but more to create a good reputation with your tenant too.
That way it is a win-win situation when your tenant feels more at ease with payments and will definitely not want to be moving out anytime because let’s face it, sometimes finding a landlord who meets half way is tough.
5. The Start-Up
Yup, these are growing trend, start-up companies are booming in Malaysia and thus the need to have a space to rent out to make home to not only a place to sleep and survive but a place to also call an office. These tenants are in between stable high flyer and students. Why? Well because the property may be crowded and packed during the day like any campus alternate working space.
In terms of being able to make payment, is usually a sure can do. The only thing is that your property may need to do a few fixes beforehand like extra plug points or the living room being a hot seat work space concept. The home may just change the whole flow, but it could be for the better if you want it to at least be well taken care of.
The place will be more an office to the tenant hence taking care of it is already a given. So, do consider the chance of renting out your home to start-ups, you may hit jackpot because most won’t allocate for long periods of time and usually have all the good points for any landlord.
Which Types of Tenants are Your Favourite?
After reading the many types of tenants there in Malaysia, which is seems to fit your fancy? Almost make sure to check on them and screen check them regardless if they make the check list or if you a super easy quick and safe way of finding a tenant, have a go at SPEEDHOME!