Picking the right tenant can be a tough decision, especially if you have experienced the impacts of less than stellar tenants in the past.
Whether you had to make significant repairs to the property or fielded complaints about a previous tenant, it can make property investment extra stressful.
Enlisting the help of your property manager can ensure you secure the best possible tenant for your property. With their advice and experience, they will make sure you get a high-quality tenant, ideally who will stick around, renting your property for a while.
Make sure your property is well presented
Presenting your property well, ensuring all maintenance and repairs are completed before the property is listed and open for inspection will help you attract people who will take the same diligent care of your property. If this means you need to wait a week or two for the current (messy) tenants to move out, sometimes this can be worth the wait. Further, a high-quality tenant can better visualise themselves living in the home, if it is well presented.
Observe the attendees at the inspection
When it is time for an open home, make sure your property manager observes the attendees and notes who is organised with their application and if they arrive to the appointment on time. Your property manager will have been to many open homes before, so they will be able to tell you their recommendations based on meeting the prospective tenants, before assessing their applications.
Who is showing your investment property ?
This is very important. An experienced property manager is crucial when it comes to an open home.
I feel that just opening and closing a doors, is not conducting a good open home for a rental property. It is so important that your property manager takes the time to talk to each person attending the open home.
You should be aware how your agent conducts an open home.
Who is opening the home ?
How much time do they set aside ?
What is their procedure with open homes ?
Do they ensure that the curtains/blinds are open, lights on, windows open, pick up old mail and local papers and present the property in the best possible light ?
Read between the lines
A good property manager should be able to read between the lines be it good or bad. This is where experience and knowing the questions to ask are very important.
Database & Application Checks
In another article I cover the importance of using databases. Ask this question of your property manager. Do they check each application via tenant databases.
Your property manager should ensure all the right information is contained in the application, employment and previous tenant history is checked. So you will be able to make a decision and secure the right tenant for your property.
Is it worth going with your gut ?
If you and your property manager are not getting a good feeling about an applicant, it may be time to move on and keep looking for a better suited tenant to your property. While this may mean waiting a little longer before you find a tenant you will thank yourself in the long run.
Just like waiting for a messy tenant to vacate before you show the property to potential tenants, taking some more time to find a quality tenant while the property is vacant, is much better in the long run, than rushing and approving a problem tenant.
Finding a quality tenant can feel elusive sometimes, but with your property manager’s advice and experience, they’ll be able to make sure you take your time and find a tenant that will take just as much care for your property as you would.