Finding the best tenants for your property can be a daunting task. Although somebody may seem okay initially, it’s impossible to judge what type of tenant they will make. From the tenant’s point of view, they will be looking for a number of attributes in a property that will suit their needs. They will judge your property on a number of aspects which we will cover shortly. For you, as the landlord, here are a number of ways to seek out the ideal tenants.
Referencing your tenants can be done in a number of ways. The first way would be to run a criminal background check. Although we hope that any criminal convictions will be spent, the type of convictions or the fact that they have been convicted in the past, may give you an insight in to the type of person you may be dealing with. Secondly you can choose to conduct a personal reference. Personal references can often be sought from a friend of the tenant or an employer. Although referencing may not directly point you to the type of person the tenant is, it will give you snippets of the type of lifestyle the tenant lives and you can then decide if this suits your property or what you are looking for in a tenant.
– Credit Checking
As with any investment, you want to ensure that you have a regular yield. Therefore, it is worth checking a potential tenant’s credit score as you will then be able to see if they will pay the rent on time. This gives you the peace of mind that they are financially secure. It is by no means a guarantee that they will pay, but it does help you to build a background picture of the tenant.
– Adhering To The Law
It is important that both tenants and landlords follow the rules and regulations that have been set by the local governments. When looking for the ideal tenants, the tenant will also expect to be treated fairly as well, as after all, it is a two-way process. If a tenant feels valued then there is more chance that they will respect your property in the way that you wish for.
– Rental History
The rental history of a prospective tenant will show you what type of tenant they have been in the past. Try to look for the reason as to why they are moving house to make sure that they are not just moving from one property to another.
– Creating Rules
When you embark on renting out a property, having some rules in place will make sure that your tenant is fully aware of what is expected of them. There is no point in assuming your tenant will know what you expect from them, you need to make things clear and black and white. Consider aspects such as:
- Will you allow pets in the property?
- Does the décor in the property need to remain as it is or can it be changed?
- Do the ages of any children in the property matter? If so what are your requirements.
You need to check to see if your tenant is in work and if so how long have they been working there for. Ask a prospective tenant questions such as:
- Have you moved in the last 6 months?
- What they earn as you need to make sure that they can comfortably afford to pay the rental amount.
– Go With Your Gut
When you have met a prospective tenant, it is human nature to make an instant judgment. If you get a bad feeling about a tenant then it is prudent to shy away from this tenant. Your basic instincts can often guide you. Again, it may not be a fair way of deciding between tenants and it is still very easy to make a mistake, but your instincts are not often wrong.
As you can see there are a number of ways of seeking out a good tenant. Another aspect to consider is what a prospective tenant will get from you and their expectations. Here are some examples:
If you take a look at the outside of a property and it is full of moss and in poor state of repair, it is worth hiring a moss removal treatment company to make sure that the appearance of the property is at its best. The same can be said for the guttering on a property. Gutter cleaning will show a prospective tenant that the property has be properly maintained. You also need to take a look at the doors and the windows of the property. Most of us will get the outside of the windows professionally cleaned but it’s also important to remember that if you have an interior window which has any damage or fogging or is dirty, this needs some attention. As remember a tenant spends most of the time inside the property not outside.
Tenants now look for a high level of security within a property. Having window and door locks and alarm system has fast become the norm. If, however you do not have an alarm in your property, getting one fitted is highly advisable. Alarm installation doesn’t have to be costly, but the more advanced that your system is, the more marketable your property will become. Consider add-ons such as panic buttons and alarm monitoring as these will show your tenants that you take security safely.
By taking the above advice in to account you can see that there are steps to follow when it comes to selecting the best tenant for your property.