Finding the right tenant for your property is the most important part of the rental process. A great tenant means that you can trust that they will look after the property and the tenant can trust that the landlord has their best interests in mind too.
So how can you ensure that you get the right tenant moving into your property?
There are three key things you can do to ensure you have great tenants who will treat your property with respect and will pay rent on time:
- Screening – Ask the right questions on the application and ask for a cover letter
- Reference Checks – Check their employment and previous rental history
- Communication – Create a good relationship once your tenants move in
We have a long history and extensive experience with performing background checks and choosing the right tenants. If this is your first time renting your property or you have had bad experiences with renters before, make sure you give us a call.
If you are considering renting your property for the first time and have thought about using Airbnb as an alternative option, make sure you read our blog on Rentals Vs Airbnb: Using Airbnb As An Investment Strategy.
Choosing the right tenants through rental applications.
Whether you are choosing to rent privately or through a real estate agent, the first thing you need to do is put together a set of requirements for tenant applications.
Typical rental applications include:
- Rental Resume
- Reference Letters
- Pay Slips
- Rental History
- Cover Letter
Although many people don’t require a cover letter, it is a really simple way to see what tenants will be the right fit for your property. It also provides you with a personal connection with your potential tenants.
Check their employment and previous rental history.
Once you have a shortlist of potential tenants, it’s important to check references diligently. This is often the role of the property manager or real estate agent as it can often be a tedious and time-consuming process.
What references should you check? All of them. That includes employment, previous real estate agents and personal references. It’s also important to cross-check references with what they have written in the application and cross-check references with each other. For example, personal reference would likely know the applicant’s place of employment.
Secondly, contact not only the current landlord but also the one prior. Those landlords are more likely to know whether that person moved out with or without problems – 3 Types of Bad Tenants—and How to Avoid Them
Create a good relationship once your tenants move in.
Ongoing communication is by far the most important part of a quality tenant relationship. Once the tenants have moved into the property, many property managers or landlords stop communicating with the tenants and only do so for routine inspections or property maintenance.
Creating an easy and mutual communication channel and relationship with your tenants have a magnitude of benefits. Tenants are more likely to report property damage or maintenance issues before it becomes more of an issue. Tenants will ask permission rather than going about on their own and landlords can feel more comfortable knowing that their tenants respect their property.
When property management agents fail to act and respond quickly to tenants, tenants often become disgruntled and care less about the property. The easiest way to make sure this doesn’t happen is by choosing the right real estate agent, like us! We make sure that we are keeping tenants and landlords happy because when there is hostility in the relationships, the property takes the fall.
You never want a relationship with tenants to turn messy. Always try to keep things cordial and respectful, and do the right thing on your end – Linkilaw
The bottom line
The majority of tenants are amazing.
It’s important to remember that the majority of renters are amazing tenants and treat properties like it is their own home. The way that you choose tenants and the way you hold the relationship has a huge impact on whether your tenants will be amazing or a disaster! But remember that the majority of renters will treat their rental propertyl with respect, just as it were their own home. Because at the end of the day, renters have a right to make their rental property feel like a home.
The longer a tenant lives in a rental dwelling, the more it feels like home, highlighting the importance of security of tenure. Bankwest Curtin Economics Centre 2018 Private Rental Sector Survey
It’s also worth making sure you have the appropriate property insurance. If something were to go wrong, it’s important to know that you are covered.
If you are a landlord and would like to learn more about how we approach rentals and our William Huxley difference, please give us a call, we’d be happy to help.
Want to read more? Check out some of our other posts:
- Best Suburbs In Melbourne To Invest In 2021
- 5 Things To Consider When Buying An Investment Property
- Rentals Vs Airbnb: Using Airbnb As An Investment Strategy
- 5 tips for buying a property in a hot market