6 STEPS TO FINDING GOOD TENANTS

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Every landlord wants ‘perfect’ tenants. But 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:

1. 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 easier it is for the tenant to maintain, the better condition they’re likely to keep it in.

2. Choose a realistic asking rent.

Keep an eye on other properties in your area and the level of rent that is being asked. If you set your rent to high you may deter quality tenants and reduce the number of applicants to choose from.

3. Take advice from your Property manager.

Property managers know the local market and conduct extensive research to analyse the achievable rent.

4. Be tough on reference checking.

Property managers have exclusive access to tenant default databases that list tenants who have absconded without paying rent or have damaged property. This service is a vital part of the reference checking process.

5. Good tenant selection.

Your property manager will provide all of the facts for you to make an informed decision. Remember to consider all aspects of the application, affordability and ability to care for the property are key factors and good tenants come in all shapes and sizes, single parents, singles, couples & families.

6. Professional Inspections for prospective tenants.

It is important that the enquiry generated for your property is not wasted. Databases and websites that your property manager has access to ensures no enquiry is lost. Having a professional leasing consultant show prospective tenants your property is a must. This enables your property features to be sold at the viewing, having group viewings also generates urgency amongst the tenants to make a decision and apply as soon as possible so as not to miss out, which in turn gives you more choice.

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