How to find a good and reliable tenant for your investment property:
Every Landlord wants the ‘perfect’ tenant. But how do you go about finding long-term tenants 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 outside. 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 the area and the level of rent that is being asked. This is so much easier to do now with access to property sites on the internet. If you set your rent too 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 CMA reports 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. Stay patient. The first application is not always the right tenant. While most landlords want tenants in their property as soon as possible, it may be worth waiting a bit longer to find the right tenant.
6. Get insured. There are no guarantees that a well-screened tenant will turn out to be a perfect tenant, so landlord protection insurance is a must.
Call Cypress Rentals today to discuss finding GREAT tenants for your investment property!