How to choose the right tenant

 

How to choose the right tenant

 

Picking the right tenant can be a tough decision, especially if you’ve experienced the impacts of less than stellar tenants in the past. Whether you had to make significant repairs to the property or fielded complaints about a previous tenant, it can make property investment extra stressful. Enlisting the help of your property manager (that’s what they’re available for!) can ensure you secure the best possible tenant for your property. And with their advice and experience, they’ll keep the following things in mind to make sure you choose a high-quality tenant, ideally who’ll stick around renting your property for a while.

 

Make sure your property is well presented

Presenting your property well, ensuring all maintenance and repairs are completed before the property is listed and open for inspection will help you attract people who will take the same diligent care of your property. If this means you need to wait a week or two for the current (messy) tenants to move out, sometimes this can be worth the wait. Further, a high-quality tenant can better visualise themselves living in the home if it’s well presented.

 

Observe the attendees at the inspection

When it comes time for an open home, make sure your property manager observes the attendees and notes who is organised with their application. For example, if all your applications state that people are non-smokers, but your property manager could smell cigarettes, it’s worth being mindful of who that may have been. Your property manager will have gone through many open homes before, so they’ll be able to tell you their recommendations based on meeting the prospective tenants and assessing their applications.

 

Read between the lines

Your property manager will be able to read between the lines on rental applications. If an applicant has lived in a handful of properties over the last couple of years, for example, this may raise some alarm bells. The applicant may have a genuine explanation, such as moving around for work. As applications are processed, your property manager will pick up things like this and make sure a person is truthful, and any red flags are addressed.

 

It’s worth going with your gut

If you and your property manager aren’t getting a good feeling about an applicant, it may be time to move on and keep attracting some better-suited tenants to your property. While this may mean waiting a little longer before you find a tenant, just like waiting for a messy tenant to vacate, taking some more time to find a quality tenant while the property is vacant is much better in the long run than rushing and approving a problem tenant. The same goes for when you need to pick from several tenants who you’re not comfortable with either.

Finding a quality tenant can feel elusive sometimes, but with your property manager’s advice and experience, they’ll be able to make sure you take your time and find a tenant that will take just as much care for your property as you would.

Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.