Finding the tenant that’s right for your property is a task worth the patience.
Taking the time to choose the right tenant can save you money in the long-term and help protect your investment. While tenants can be unpredictable there are key indicators that can differentiate one from another.
1. It all starts with the Property Manager
Identifying the right tenant starts with using the right property manager. As the gatekeeper to your property, sacrificing a lower management cost for a higher quality and more reliable property manager will benefit you in the future and help to ensure any issues are dealt with effectively and efficiently.
2. Like attracts like – keep your property looking its best
Maintaining your property is also essential to finding the right tenant as a well-kept property is likely to attract a good calibre tenant. Ensure the property is clean and without any damages to fixtures and fittings.
3. Review applications and complete all checks
Once a property manager is secured and your property is ready to be rented it is now time to take note of your potential tenants.
When reviewing tenant applications be sure to run thorough background checks to ensure all information presented is valid and truthful. The property manager should run an employment check to ensure the tenant has a secure income. Credit checks are also essential in addition to performing a criminal background check.
Be wary of any red flags such as an incomplete rental application, a scattered rental history or an individual who changes their occupation frequently. These are all signs of a tenant who is potentially unreliable.
4. Take professional advice
Maintaining clear communication with your property manager and prospective tenants is essential to ensuring you secure the right person.
It is also crucial to keep an open mind – you may have not wanted pets in your home but a good tenant with a domestic pet will likely maintain your property to a much higher standard than an unreliable tenant with no pets.
5. Don’t rush to a mistake
While it may be tempting to get tenants into the property to secure a rental income, poor decision making could reduce your profits in the long term.