One of the keys to successful long-term property investing is finding and keeping the right tenants. As Property Managers, we know that it’s vitally important to create a harmonious situation that works for everyone. This month we bring you the first in a three-part series in which we delve into our process for finding the best tenants and keeping them in your rental property.
In the real estate business, first impressions are everything – and this applies to rental properties too. Your rental property needs to look better than others on the market or it just won’t get a look-in. We advise all our potential clients to attend to any repairs, clean their property thoroughly (including the yard) and, if they can, empty it of any personal items.
Motivated and organised renters know what they want – they’ll be the first to organise a walk-through and the first to sign a lease – so your property needs to excite them immediately. These types of applicants make terrific tenants, so you need to go out of your way to impress.
Checking the facts
Recognising a good tenant amongst a group of applicants requires some checking and verifying of information. At Rentwest we perform an extensive check into all potential tenants. When they apply for a property we ask them to provide a range of information, including:
- Driver’s licence
- Photo ID
- References from previous landlords
- Details of employment.
We also run tenants’ names through the National Tenancy Database to determine if they have any defaults like owing rent, or property damages.
Vigilant screening of applicants takes a lot of work, but it’s absolutely necessary. We know that once a tenant moves into your home, it’s very difficult to get them out if issues arise. Doing this legwork first gives you (and us) some extra protection.