In leasing residential property, a landlord’s biggest concern is finding the right tenant, and, in our experience, they often express the following concerns:
- How do I find a tenant who is trustworthy of my hard-earned investment?
- How do I ensure that the tenant abides by my rules and takes good care of my property like it’s their own?
- How do I avoid damages to my property, delayed payments and worse, costly eviction?
These concerns are normal and any responsible landlord will be able to address them by keeping some key guidelines in mind.
What makes a good tenant?
Before you can find the right tenant for your property, let’s identify what makes a good tenant. Here are some of the important qualities that landlords need to consider during the tenant search:
- A good tenant has the diligence to follow the contract and house rules. They always keep the property in good and sanitary condition. They do regular preventive maintenance of the property and immediately act on repairs that are due for their account and they communicate the needed repairs to the landlord.
- They treat the house as if it’s their own. A good tenant will take pride in establishing residency in your property, especially for those who wants to keep most of their security deposit intact and have a good landlord recommendation should they choose to move out in the future.
- They consistently pay their rental payments and utilities. That is because they have a stable income source and have a great sense of accountability to pay their obligation on time.
- They have a long tenure of stay because once they are happy with their accommodation, they treat the property like their own home.
Finding the right tenant
We believe that finding the right tenant and establishing a clear leasing system and process in place will protect your rental business and relieve you from any pain and stress for your rental property.
Here are some useful tips on how to attract the right tenant for your property.
- Make sure your property is exposed to the right target market. A reliable and trustworthy real estate company who has an in-depth knowledge and expertise with the local market can best help you reach suitable clients. Services like Residential Asset Management can greatly help you manage your properties, especially the leasing process.
- Market your property online to generate as many leads as possible with your property, especially during these unprecedented times where clients are unable to do physical viewing. Price your property correctly according to the going rental rates in your location.
- Ensure your property is in good working condition, sanitized and properly staged for client viewings.
- Accentuate the best area of your property by adding improvements that your target tenant can appreciate. These may include adding more storage space, changing old bathroom and kitchen fixture to update your space and replacing old appliances into economy saving or inverter types. In deciding on your furniture and wall colors, you can never go wrong with earth colored palettes because this often blends harmoniously with any design. These improvements will not only enhance the value to your property, but it will allow you to rent your property easily.
- Screen your prospective tenants to ensure they match your preference. Check if they have the ability to pay their rent and utilities and if they have a good background.
- Once you have chosen your tenant, prepare a well- drawn contract and document the property condition during move in. Always remember that all communications with your tenant should be in writing.
- Always be responsive and reasonable with your tenant’s concern and this will pay off in the long run, establishing a mutually beneficial relationship.
Finding a good tenant will provide you with security, protection and maintain your property in an impeccable condition while providing you with a steady rental income. Though pooling and selecting the best tenant for your property seems like a daunting task, keeping these guidelines in mind and having a clear picture of what you want in a tenant would help make the decision process easier.