18 Jul How to Select a Quality Tenant for Your Rental Property
Every Landlord or rental property manager wants to select the right tenant. Finding a good tenant not only saves you stress but also saves you money. We advise that you don’t take a bad tenant just because of the money you are going to lose for a few weeks if you don’t find a tenant at all. Because in the long run, choosing a tenant that’s wrong will cost you more.
The first thing you want to do when selecting a tenant is to create a checklist of criteria that your tenant must fit.
Your checklist for a quality tenant must contain the following questions:
1. Has the tenant ever missed a week’s rent?
2. Was the tenant’s previous landlord concerned about how they treated the property?
3. Was tenant available for communication?
4. Would the previous landlord rent to the tenant again should they wish to stay on the same property?
5. Is the information provided accurate?
6. How long was the previous tenancy?
Remember, it is important to contact not just tenant’s current landlord but also the landord for the previous property.
The second thing you want to focus on is making sure to collect as much relevant information as possible from your Tenancy Application form. Information is of dire importance when choosing a tenant.
You would also want to speak with your tenant’s employers, this may sound odd to you at first but speaking to the tenant’s employers is important for character references.
Another test would be your observations. Notice how the tenant behaves during the inspection. Note if they took their shows off while enetering the inspection. Whether they used their manners or not. Use your gut feelings to determine whether the prospective tenant fits yoru criteria or not.
Once you are happy and think you have found the right tenant for your property make sure to do a credit check on them. But first get their permission in writing or you could be in a breach of Privacy Law.
Once the credit check is done you would know for sure whether they are going to make a good tenant or not. Remember that you want a quality tenant who would always pay the rent on time and take good care of the property.
And if you are still unsure on whether you can choose the right tenant for your property or not, contact us for advice.