5 tips for selecting a tenant in times of covid-19

Actualizado: 15 de ago de 2020

Check the references of your tenant is essential

1. Ask for references from the previous tenant

It is important to know the payment history, determine if you were a good tenant with your previous tenant or at least consult their references in the APC (Panamanian Credit Association).

2. Ask for job or business references

An income profile of the prospective tenant is required to determine their income level. If he is an employee, the main thing must be a letter of employment reference indicating his salary and direct discounts on his salary; He is a freelance. The basic requirements must be business references and an extract of his bank movements of the last 3 months to determine an average of income and expenses.

3. Check how many people will live on the property

Departmental units or houses are designed for a certain number of inhabitants, exceeding that number of people can cause greater wear than usual to the property. It is possible that extraordinary repairs will be generated that will decrease your possible profit margin of the property.

4. Verify the immigration status of your potential tenant

Panama as a transit country has a real estate market made up largely of foreigners and it is common for you to receive requests from people from other countries to lease your property and in these cases it is essential to know its immigration stability in our country. It is a priority to verify your residence permit, whether permanent or temporary and salaried that the work permit is in force.

A tenant with undefined status may need to leave your property early due to labor or immigration issues.

5. Use a correct lease

In practice, many times the owners and even agents use a model that they obtained on the internet, with legislation that does not apply to Panama or with the correct legislation; but with contractual conditions focused on another real estate business different from yours. This can create loopholes and future complications in the event that you have a legal dispute with your tenant.

Ideally, get advice from a real estate attorney that saves you money and future complications

I hope this article helps you select your next tenant and if you have any questions just let me know

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