The Progressive Property Podcast How To Avoid Nightmare Tenants
Kevin and his team share the various tenant issues they have had over the years. They talk about how to defend yourself against bad tenants including why referencing isn’t always enough and reveal the worst tenants they have ever had to deal with. However, let this prepare you, not put you off property as Kevin and his team mostly deal with perfect tenants!
KEY TAKEAWAYS
- Nightmare tenants usually have a honeymoon period before showing their ‘true colours’
- Alcohol, drugs and visitors are often the start of many issues.
- Referencing is key as a first defence against nightmare tenants.
- Landlords may not always be completely honest about current tenants as they want them to move.
- If you can find potential tenants on social media that can give you more information to decide on whether to rent to them.
- Dealing with aggressive tenants is one of the biggest challenges, especially in a HMO situation.
- You have to deal with bad tenants swiftly or you risk losing the good tenants.
- Don’t give bad tenants an inch or they will take a mile. You need to be fair but firm.
- Regular inspections can help you combat issues early.
BEST MOMENTS
"Most tenants are great but there is always that nightmare tenant that appears every so often”
“We use a referencing company, but you will always find a landlord reference doesn’t always reflect the truth”
“We have over 300 tenancies and very rarely do we have a bad one”
“That’s not really a bad tenant, that’s a tenant with a problem and we as landlords aren’t social workers”
“If you don’t deal with the bad tenant quickly the good ones will leave”
"Cat fleas are worse than cats"
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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