Finding the Right Tenant
Finding high quality tenants makes owning a rental property easy and stress-free. The right tenant will stay for a longer period of time, treat your property with respect and help maintain the property ensuring it retains its value. By finding the right tenant, your investment property can become a reliable and consistent source of income.
Choose a Quality Property
The best way to attract quality tenants is to have a good rental property in an ideal location, with great features and at a reasonable price. While you can add certain things to a property like new appliances or flooring, many other desirable factors can’t be changed. That’s why it’s important to consider what will attract good tenants when you are looking for an investment property.
Consider what kind of people are drawn to the area and what kind of properties suit their requirements. For example, a house with a decent number of bedrooms is ideal in an area popular with families. Being close to transport, schools, parks and shops will all increase your rental value as well as the ability to attract quality tenants.
Property Presentation
How you present your property will determine the kind of people it will attract and how people will treat it. Make sure the property is clean for inspections and photos. Use professional photos for advertising to ensure your home looks its best when on the market. Fix any damage, aiming to make it look pristine. A tired, worn home with chips in the paint and other damage is more likely to encourage negligence from your tenants.
A new paint job, proper locks, heating, air conditioning and good quality appliances all make the property seem like a home, not just an investment. This will attract longer term tenants who are more likely to treat the place like their home. Long term tenants are essential for maintaining a good income stream. Just one week of your property being vacant can be a loss of two per cent of your yearly income.
Use a Property Manager You Can Trust
Using a reputable agent is essential as they take care of the majority of https://agentpoint.website/hayeswinkle/wp-content/uploads/2022/03/smaller-e1502773902800-1.jpgistrative and organisation tasks. This includes conducting important background checks on potential tenants. Agents have access to the National Tenancy Database, to check if they are on the blacklist for renters.
It also allows them to check information such as:
- Rental history
- ID verification
- Visa verification (if from overseas)
- Public record checks on court orders and bankruptcies
During the application process, they’ll verify whether a potential tenant is a good match based on their history and their income to rent ratio. If you have the time, it’s a good idea to go through the applications with them so you can choose someone you like.
Establish a Good Relationship
Attend inspections yourself if possible and take note of the different kind of people who attend. Take note of who is well organised and well-presented and who isn’t. Introduce yourself to your new tenants when possible to get on good terms and establish what is hopefully a positive, long term relationship. Prevent future misunderstandings by ensuring all conditions are clearly set out in the Residential Tenancy Agreement.
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