Find a great tenant
This two-part series provides some handy tips to help landlords find - and keep - great tenants. Read on to learn about how you can attract the kind of tenants you really want.
A tenant can make or break a landlord’s experience of owning a rental property, according to landlord insurance specialist Terri Scheer Insurance.
Terri Scheer Insurance manager Carolyn Majda said finding good tenants and keeping them happy was one of the best investments a landlord could make.
“Sourcing good tenants is one of the most important tasks for landlords who self-manage their own investment properties,” she said.
“And by ensuring they have a positive experience while living at your property, they may be more likely to pay their rent on time, stay in your property longer and treat it as if it were their own.”
Ms Majda offers the following tips to find and hold on to great tenants.
- Think about the type of tenant you want to attract.
“Keeping a good tenant happy begins before you’ve even purchased your rental property,” Ms Majda said. “When choosing a property to invest in, think about the tenant demographic you want to attract, for example a family, sole tenant or couple, and choose a home that is likely to appeal to them.
“Properties that are close to good schools, shops and public transport are likely to be well sought after and may give you a larger pool of prospective tenants from which to choose.”
- Keep up appearances.
“No one wants to live in a property that has stained carpets and marked walls,” Ms Majda said. “A home that is poorly presented by the landlord may deter good tenants from applying to rent your property in the first instance and be poorly cared for by the successful tenant.
“Similarly, a property that requires as little maintenance as possible will make life much easier for both tenants and landlords as it will minimise the effort and cost involved in the upkeep of the home once the tenant has moved in. Presenting a clean, tidy, low-maintenance and well-cared-for property will encourage tenants to treat the property as if it were their own.”
- Generate interest.
“In order to generate interest in the lease of your property, landlords may be required to place advertisements in newspapers, on various real estate websites and online noticeboards,” Ms Majda said. “The advertisement should include information about the property, when open inspections are scheduled for and the lease application deadline.
“It is a good idea to arrange open inspections at times that would be convenient to the type of tenant you want to attract. For example, if you would like to attract young professionals, arrange the open inspection after working hours so it is easy for people to attend.
“At the open inspection, ensure you talk with as many potential tenants as possible so you can put faces to names when processing lease applications later on.”
- Continued next week
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Good investment: Happy tenants can make for a much more positive rental experience. Picture: THINKSTOCK