Owning rental property is an excellent investment, but it comes with potential risks. One challenging tenant can mean months of unpaid rent, mounting legal expenses, and possible property damage. In Monterey County, the eviction process can often take three months or longer. And if tenants use tactics like requesting a jury trial, the delays can stretch even further. The financial toll of one difficult tenancy can climb to $20,000 or more.
Because we recognize and counter common tenant strategies, we protect owners against significant financial losses. Here’s a rundown of effective ways Monterey Bay Property Management addresses tenant issues at both the application stage and during tenancy.
A strong screening process is essential for weeding out potentially problematic tenants. Here are some frequent tactics prospective tenants may use and how we catch them.
Fake IDs and Supporting Documents
- Common Issue: Applicants may provide fake IDs or doctored paperwork to cover up a troubled rental history or poor credit.
- Our Solution: We ask for supporting documents like recent bank statements or utility bills to confirm identity and address consistency. Verifying information across multiple sources makes it harder for applicants to maintain false identities.
False Employment Information
- Common Issue: Applicants sometimes exaggerate their employment status or provide false references, listing friends or family members as employers. They may also provide fake pay stubs.
- Our Solution: We use independent sources to verify employment. Instead of calling the number provided by the applicant, we look up the company’s contact information and call directly to confirm the applicant’s position and tenure. Years of practice has taught us to recognize phony or doctored pay stubs.
Incomplete Rental Payment History
- Common Issue: Gaps in rental payment history may suggest issues with previous landlords or frequent moving due to rental problems.
- Our Solution: We request recent proof of rent payments, such as receipts or bank transaction records. If applicants struggle to provide this, it could indicate inconsistent payment behavior in the past. We do not accept an assertion that rent was paid with cash.
Partial or Avoided Application Answers
- Common Issue: Applicants may leave out details to hide past evictions, bankruptcies, or frequent lawsuits.
- Our Solution: A thorough, detailed application form is essential. We ensure the form covers prior rental issues, lawsuits, and other relevant history, and we make sure each section is completed fully before considering the applicant.
Once a tenant is approved and has moved in, issues can still arise. It’s essential to remain vigilant and address these challenges professionally.
Avoiding “Tenant Stories”
- Common Issue: Tenants might explain late payments with personal stories, hoping to gain sympathy and delay action.
- Our Solution: We keep communication clear and professional. If rent isn’t paid on time, we stick to the lease terms and take prompt action. While we listen to tenant concerns, we enforce payment deadlines to maintain control of the rental relationship.
Keeping a Detailed Record of Interactions and Requests
- Common Issue: Tenants may claim unmet maintenance needs to justify withheld rent or disputes over repairs.
- Our Solution: We require that all maintenance or repair requests be submitted in writing. We keep a well-organized log of all communication and actions taken, which can help clarify any disputes if they arise.
Monitoring Rent Payments and Payers
- Common Issue: Occasionally, tenants may have third parties pay their rent, leading to unclear relationships or tenancy rights.
- Our Solution: To avoid confusion, we accept payments only from the tenant or provide a disclaimer when third parties pay. This prevents potential claims to tenancy rights and keeps the agreement straightforward.
Successful property management requires a proactive and vigilant approach. Each stage, from screening to ongoing management, is an opportunity for Monterey Bay Property Management to mitigate risks and safeguard your investment. By staying alert to common tenant tactics and maintaining detailed records, we reduce the risk of financial losses and establish a professional landlord-tenant relationship. These strategies not only minimize potential problems but also help you maximize the benefits of rental property ownership.
