REAL LIFE SCENARIO PLAYING OUT DAILY ACROSS THE COUNTRY:

  • Tenant lease is up for renewal in 30 days.
  • Tenant pays on time, doesn’t cause problems.
  • Landlord eagerly wants to renew lease under “bird in hand” mentality and fear of an expensive vacancy.
  • Landlord chooses to renews lease with Tenant for another year.  “If it ain’t broke, don’t fix it…”
  • Tenant stops paying due to job loss, divorce, {insert reason here}…..
  • Landlord stomach acid reaches Level 12 and begins to curse under her breath realizing what just happened to her cash flow.

REAL LIFE SOLUTION:

Polaris Property Management has used this method for over a decade….it’s so simple, you’ll kick yourself that you weren’t doing it all along:

  • In the lease agreement, include language requiring the Tenant to re-apply for background checks.
  • Then run the background checks.

If you implement this pro-hack, you may be surprised at how much you see credit scores change, how much income/paystubs change, and how many folks get in trouble with the po-po.

Changes both good and bad.

With this hack, you now have a better understanding of the updated risk profile for that seemingly ‘easy’ tenant.

Just one of the ways our property management company manages our Landlord’s risk for them.  And no extra fee to the Landlord, either.

Here’s to your pursuit of Financial Freedom.

 

 

 

 

 

Dan Baldini

Polaris Property Management

P.S.  Curious on what else we do to manage Landlord’s risks that involve the property itself?  Ping me–happy to share.