Property Management is key to a making your rental a success or failure. One of the key elements is having a good cash flow. By selecting the right tenant that pays their rent on time, most other things operate much more smoothly. Cash flow will allow you to pay your mortgage on time and maintain your rental property.
But how to ensure a good cash flow? Obviously, having a tenant that pays the rent on time is very helpful for that! If only it were that easy. The fact is, the most successful landlords are the one who do their due diligence ahead of time and do their best to eliminate the bad tenants before they get in the door of their property. That's why it's so vital to run as many background checks as you can, and leave no stone unturned to find out exactly who you're renting to. Once you have a complete picture on your applicant, only then can you be assured that it's worth taking a risk on someone. Because if you choose wrong, it can be a nightmare scenario that every property owner dreads. Not just the long, expensive, painful process to eviction someone, but someone might skip town, but trashing your property before they go.
Proper property management will save you thousands of dollars now and later. Some professionals say that the key to real estate is "Location, Location, Location", but with good property management such as Rental Screening, location is secondary and not the key to having a successful property.