Every landlord would like to have ‘perfect’ tenants.
So how do you go about finding long-term renters who will treat your property with respect?
Selecting a good tenant is the first step in a comprehensive risk management strategy for property investors. Following are some simple tips for how to find the right tenant:
- Ensure the property is ‘presented’ in good condition, inside and out: You need to sell your property to potential tenants. This includes paying attention to the appearance of the home and making sure it’s clean, tidy and low maintenance. The easiest it is for the tenant to maintain, the better condition they’re likely to keep it in.
- Realistic asking price: View other properties in the area that are alike, and see what they are asking for. If the rent is set too high you may reduce the number of applicants to choose from. As a Real Estate we can provide you with recent list of rental properties that have recently been leased or that are up for rent that are similar to your property.
- Take advice from your property manager: Property managers know the local market to analyse the achievable rent.
- Be tough on reference checking: Property Managers have exclusive access to a tenant database that lists tenants who have damaged a property or have defaulted in paying rent. This is a vital part of the reference checking process.
- Staying patient: The first application is not always the right tenant. While most landlords want tenants in their property as soon as possible, it may be worth waiting a bit longer to find the right tenant.
- Insure your property” There are no guarantees that the ‘perfect’ tenant will turn out to be a great tenant, landlord protection insurance is a must. This will also give you peace of mind.