There are few guarantees in life, but we promise you this: let your property to a bad tenant, and your job as a landlord will get much more complicated.
Expect to be out of pocket (due to missed rent payments and damage to your property) and stressed (dealing with nightmare tenants is, to state the obvious, a nightmare!).
The key to avoiding this kind of turmoil is to find a good tenant who will treat you and your property with respect. This task may sound simple enough, but surprisingly, many landlords get it wrong and pay the price.
Here are four tips to ensure that you don’t slip up but instead secure the best tenant for your property.
- Presentation – Landlords often assume that their property will practically let itself because rental properties are in high demand. As a result, they put little effort into presenting their property and attract only a small amount of interest from a certain sector of potential tenants. Don’t be complacent. Identify your target tenant (e.g. professionals or families) and present your property accordingly. Quality furniture and fittings will attract quality tenants.
- Marketing – To put yourself in a position where you have a pool of good quality candidates to choose from, you need a professional marketing strategy to draw them in. This should feature quality photography, proactive promotion by a skilled letting agent and well-written listings on property portals.
- Rigorous selection process – It’s amazing how many landlords think they have a superpower that means they can spot a ‘good’ tenant at first glance and therefore cut corners on reference checks. Instinct is a useful tool, but we suggest you only use it as a guide. Always run a credit check and go through pay slips, bank statements and references from employers and past landlords to get the full picture. Also, note whether a candidate turns up to appointments on time and provides paperwork promptly. If they’re disorganised at this early stage (when they’re trying to make a good impression), there’s a chance they’ll be haphazard with returning your calls and paying their rent on time.
- Contract – It goes without saying that once you’ve found your dream tenant, you get an agreement down in writing. A tenancy agreement should set out each party’s obligations and responsibilities. It means everyone knows what is expected of them, which can help avoid confusion or disagreement further down the track.
If you’d like more advice about how to market your rental property or attract top tenants, get in touch with us here at Edward Ashdale