For a property owner, its important to get a right trustworthy tenant for their source of income. The choice between a good and bad tenant could easily turn a profitable source into worse condition.
Here are 8 things you can do to improve your chances of choosing the right tenants.
1. Take your time
If you’re in a rush to avoid a tenancy gap, you might be tempted to take on board the first applicants who come along. This can lead to a wrong decision and feeling like you have to compromise. To avoid this situation, plan in advance before your existing tenants leave. Start advertising the property early.
2. Broaden your search
To ensure you have plenty of choice, cast your net wide when you start advertising. Write the ad yourself and take time to consider what a tenant will be looking for. Try to include all minute details about the property. Check for spelling and other errors before you post it, to ensure you’re appearing professional and trustworthy at all times.
3. Stay safe
If you’re advertising directly on websites, make sure that your contact details remain hidden from the common public. Many property sites can leave you open to scammers extracting money from the unwary on both sides of a property deal.
4. Be proactive
Instead of simply advertising a property and waiting for enquiries to come flooding in, the most successful landlords work wisely too. Contacting seekers who are looking for a property in your area is a great way to find tenants, as well as thinking about local employers, and targeting your ad to appeal to people who might be working there.
5. Trust your gut
If something doesn’t feel right, trust your instinct. You might not be able to find exactly why you don’t like the sound of an applicant. However, keep in mind that it is illegal to discriminate on the grounds of race, gender, religion or sexual orientation.
6. Vet your tenants
Common checks are employment, identity and credit checks, to ensure that the tenant is who they say they are, and that they are likely to be able to afford the rent. You can also check with previous landlords about the behaviour and details of newly applied tenant.
7. Be open minded
Many landlords close off possibilities because they are cautious about risks. But in areas of low demand, you might need to reconsider being more open-minded about who you may agree to take, and accept the risks. Many of the landlords do accept pets, but insist on a slightly higher deposit to cover the risks of damage.
8. Do things properly
Ensure that you have proper notices are served correctly if you intend to regain possession of the property. Otherwise, you could be asking for trouble, and bad tenants could simply dig their heels in and stay without paying rent, leaving you with more problems than ever.
