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Getting the Best Suited Tenant
It’s already too late.
The tenants moved in a month ago.
And now your property manager says they aren’t paying on time. And that they broke the dishwasher. And that they are thinking about moving out and throwing a massive party and want to renovate and how long is the tenancy again?
There are a thousand reasons why someone might not be a good fit. This is why it is so important to find the right tenants!
You know the ones. The people who pay on time, keep communications open, and treat the property like it is their own.
We promise that it is not wrong for you to want the right tenants in your investment property.
Here are a few ways that you can find your perfect ones.
Finding the perfect tenant starts with your rental advertisement.
Firstly, you should brainstorm what the perfect tenant looks like for your property.
Is it a family? Are you OK with smokers? Do they plan on renting long-term or short-term? Get clear on who your IDEAL tenant would be so that you can start attracting them.
Note: although it is important to find good quality tenants, make sure you adhere to tenancy discrimination guidelines!
Next, list all of the features of the house that make it a dream rental. Have you upgraded anything? Do you include whiteware? Is it in a good area?
And finally, get high quality photos of your property. You need to show people that it is a property intended for reliable tenants. Quality photography indicates a higher quality property.
Hire a Property Manager to Find Tenants For You
One way you can guarantee high quality tenants is to hire a good property manager.
Property managers are trained to ask all the right questions!
They know exactly what proof of income they can request, they are more flexible with meeting times, and they put a professional face on your property.
Hiring a property manager means all of the screening processes is done for you. If you are time-poor then you might miss some of the key indicators that people are the wrong tenants!
Be Transparent in the Tenant Application
All good things come from effective communication! When you are screening tenants (which you always should) it is critical to be as open as possible in both what you are checking and why.
It is your investment property. It is OK to require a few basic background checks on potential tenants.
You need to get permission to check these things. This is easier if you are transparent. You don’t necessarily need to know what their spending habits are, but it is reasonable for you to ask for proof that they can afford weekly payments.
Some things that you could screen tenants for are:
- Credit scores
- Full photo ID and meeting in person
- Previous landlords
- Current employers
- Redacted bank accounts or payslips
If you are unsure about what you can and can’t ask, make sure you consult a professional.
Don’t put your investment at risk. Get the right kind of tenants every time by following these tips!