A bad tenant is every landlord’s worst nightmare. Building or buying property is a significant investment, so handing it off to an irresponsible tenant to live in or use is the last thing the owner would want. Unfortunately, not every egg in the basket is always good, and in a city where residents prefer to live in rental apartments, you are bound to encounter a few bad ones. But if you are perceptive, you can identify a bad tenant. All you need to do is look out for are these warning signs of bad tenants during the initial meeting.
Inconsistent Employment
Employment history is a good indicator of the potential tenant’s commitment and accountability. If a person has trouble holding onto a job for a long period, that’s a major red flag. It’s not about whether or not the tenant can pay their rent on time; rather it indicates their tendency to be undependable. An unreliable renter can decide to pack up and move all of a sudden, leaving you high and dry. So ask the potential renter how long they’ve been at their current job as well as their former occupations.
Frequent Shifting
One of the best warning signs of bad tenants is their frequency of shifting homes. This red flag is a bit more straightforward than the last one. If someone has moved around quite a bit in the last few years, that means they are either prone to shifting homes or getting evicted. Both of these outcomes spell a deleterious effect for landlords. However, keep in mind that there might be valid reasons for shifting in the past such as a job transfer. Try to find out during your meeting whether that situation has changed or not before deciding to rent it out.
Hesitancy to Pay Deposit
One of the things renters are bound to ask before renting a flat is the amount of security deposit. Paying an advance deposit has become a norm for renting flats in Bangladesh, as it is in most other places. So the potential renter will surely ask what the deposit amount is, even if you don’t say it first. Now, the asking amount should definitely be fair, which in Bangladesh is usually equal to 2-3 month’s rent. It varies from landlord to landlord. However, if the renter is hesitant or outright declines to pay a fair security deposit, be wary. The potential renter may be likely to have damaged rented properties in the past and wants to avoid paying this time around.
Tardiness
The meeting between a landlord and a potential renter should not be taken lightly. It is just as official as a business meeting. So it stands to reasons that all parties maintain punctuality throughout all the meetings. Be sure to expect more than a few meetings between you and the renter to show the property and negotiate. While being late once or twice isn’t something to worry about, repeated long tardiness can be considered one of the warning signs of bad tenants.
Current Employment… Or Lack of It
This is a surefire way to identify a bad tenant. If the potential renter currently has unstable employment or none at all, expect to get irregular rent. At the end of the day, you need to keep your finances in mind. So by renting out to someone who’ll be late to make rent, you are curtailing your main objective. It is best to discuss the renter’s employment status during the meeting and set a deadline for rent.
Trying to find the right tenant in Dhaka might be a more lengthy and difficult process than you’d expect. And if you can’t catch the warning signs of bad tenants before renting out, you might be stuck in a nightmare. So try Bproperty’s rental service, where you don’t have to worry about a bad apple.
