Picking the right tenant is the most important decision a Malaysian landlord makes. The wrong tenant costs 3-6 months rent in arrears, legal fees of RM8K-25K, and weeks of vacancy. The right process takes 3-5 days and eliminates most of that risk. Here is how to pick the right tenant.<\/p>\n\n\n\n
Finding a reliable tenant can be one of the biggest challenges for any landlord. Challenging as it may be, finding a good tenant is absolutely essential to protect your investment and save you money. There are a few things to keep in mind when finding a tenant:<\/p>\n\n\n\n
Online websites are a good place to start listing your\nproperty but you can also run ads on the classified sections of the newspaper.\nOther approaches can be to put fliers in grocery stores and Laundromats. You\ncan also contact human resource directors at local businesses to post ads in\nemployee lunchrooms and new-employee information kits. Leverage the power of\nsocial media and broadcast your rental to your friends on social networking sites,\nlike Facebook and Twitter or even do it the old school way by getting referrals\nfrom family and friends.<\/p>\n\n\n\n
Even before putting the word out or advertising, make sure\nyour house is clean and ready to show. Remove clutter and take care of repairs.<\/p>\n\n\n\n
Because many potential tenants in need of housing already\nhave been looking, they could respond within hours of an ad posting. A\nwell-maintained house increases your chances of securing a responsible tenant.<\/p>\n\n\n\n
During the application process before a lease is signed, let your potential tenants know you will request that they show proof of renters insurance on the move-in date. Renters insurance will cover the cost of the tenants’ belongings as well as the damage they could cause to your house. Consider purchasing landlord insurance to provide the coverage you need to protect your rental property.<\/p>\n\n\n\n
Past history is a good indicator of whether a potential tenant will be a good tenant. You can do this by following up with their previous landlords or checking their credit rating. Some websites provide background checks for a fee that will research an applicant’s employment, credit history, bankruptcies, evictions, and criminal records. Fees for these reports run from $10 to $70 per adult screened. <\/p>\n\n\n\n
A strong agreement sets the terms and conditions for tenants\nliving in the house. These include facts like who will live there, when rent is\ndue, penalties for late rent and so on. A good agreement spells out the\npolicies and basis for eviction.<\/p>\n\n\n\n
Don\u2019t be afraid to be picky. Settling out of desperation and\nyou will end up with a lower quality tenant who could cost you in the long run.<\/p>\n\n\n\n
This may seem complicated if you are screening tenants on\nyour own, however there are platforms such as SPEEDHOME dot com that massively\nsimplifies this process. Here are some of the benefits of SPEEDHOME:<\/p>\n\n\n\n
We\u2019re as strict as a bank when it comes to running CCRIS\n& RAMCI credit checks ensuring that you get a good paymaster every time.<\/p>\n\n\n\n
SPEEDHOME screens tenants and offers rental protection for eligible transactions, subject to current terms. No platform removes all landlord risk, so landlords should still use a clear tenancy agreement, condition photos, and proper rent collection records.<\/p>\n\n\n\n
With our on-time rental, regardless of whether your tenant\npays you on the due date, you\u2019ll receive the money on-time every time from us.<\/p>\n\n\n\n
Our homerunners team will meet your tenant for you and close\nthe deal. So just post your property, sit back relax and we\u2019ll do the rest.<\/p>\n\n\n\n
If a tenant defaults\nor is about to default, our Operations team will guide you with the eviction\nprocess<\/p>\n\n\n\n
Our platform features include (rental collection, viewing management service, online tenancy agreement service) are FREE for landlords. you do not have to pay anything to post your property ads on SPEEDHOME. It is an open platform, any landlords can go to our website or our mobile app and post their listings for FREE.<\/p>\n\n\n\n
Protection charges and eligibility depend on the current SPEEDHOME product terms. Treat rental protection as a backstop, not as a reason to skip tenant screening, condition photos, or a stamped tenancy agreement.<\/p>\n\n\n\n
In conclusion, finding a reliable tenant may be difficult, but SPEEDHOME can eliminate a lot of the risk when dealing with strangers as well as provide peace of mind as you never have to worry about late rental payments and similar issues that SPEEDHOME takes care of. Just take your time and make the right choice when picking a tenant. <\/p>\n\n\n\n