Steps to finding great tenants

The few cases where you end up with a bad tenant can really put you off being a property investor and manager. While (if you are doing things right) these are few and far between, they are so much more memorable than the great tenant who just got on with things. Try to remember this is just a very small percent of the time and most tenants are great!

Here are some tips on how we find great tenants –

1. Property prep. The property you are tenanting should be in good nick. You are looking for tenants in the same shape as your property. If you are renting a damp, cold, dilapidated property do you think you’re going to get a nice family who will look after the place? Or do they somewhat fairly think one more ding or stain won’t make a difference at this point.
2. Pricing. Goldilocks is the answer here – too high and you will have short term stays with long vacancy periods. Too low and you aren’t getting the right return for your property. Check out market rent for similar properties and put yourself in the same ball park allowing for any special features – be realistic.
3.  Right tenants. A 3 bedroom property will in most cases suit a family, you will have a hard time waiting for a single professional wanting to rent it.
4. Presentation. Money can be well spent on a professional. For around $100 you can get brilliant wide shots of your property which will really make it stand out online. Keep in mind, this will need to be redone every couple of years so the photos stay representative.
5. Act quickly. When looking for a property to buy for yourself – do you look at just one? Probably not, nor do your prospective tenants. When you like the look of someones application don’t mess around – run the checks and get them locked in before they change their mind AND before you take the property offline in case they do. In saying this don’t feel pressured to skip checks – that is a recipe for disaster, just get around to them as quickly as you can and once you have made your decision get to the tenants right away.

The information contained in this publication is exclusively for promotional purposes and is not to be relied upon for legal or contractual dealings. Tenant Source recommends you seek independent legal advice, and that you may need to seek technical or other advice and information prior to making any actions in regards to tenancies in your investment properties. Tenant Source Ltd including its staff and directors accepts no responsibility for any issues arising as a result of taking advice from this publication.