July 19, 2018 at 11:54 AM

 

When you want to find the best tenants for your rental property, you need to advertise wisely, provide a great home for rent, and follow a thorough tenant screening process. These tips will help you identify and attract the best possible tenants for your rental property.

 

 

Provide a Great Property

Firstly remember that a positive first impression is the difference between securing a good tenant or the property remaining vacant. The best tenants are going to want to live in the best properties. Spending a little time before marketing your property to ensure that it is tidy and well presented, puts you well on the path to securing good and responsible tenants who will want to move into your property. Pay attention to things like curb appeal so that people driving by the property will want to come in and check it out. You don't have to spend a lot of money on renovations, but make a few small and affordable updates that will get the attention of the best tenants.

Many investors shy away from refurbishing their property, thinking that the money spent will not be recouped. A refurbished and well-presented property not only attracts good tenants but also gives a greater likelihood of obtaining a higher rent and a reduced vacancy period. In short, a poorly presented property will only attract a tenant of the same calibre.

Property investors need to budget and create a sinking fund to cover expenses that will occur during the lifetime of their property. On average, an investment property will need to be updated every 4 to 6 years.

Things to budget for over this time frame include:

• Replacement of hot water system.
• Replacement of white goods such as oven, cooktop, waste disposal unit, dishwasher.
• Internal and external painting.
• Replacement of floor coverings and window coverings.

 

It should be noted that expenses incurred making your property attractive to tenants are also tax deductible. It is important to remember that a property that is well presented will attract good tenants who will care for the property and, more than likely, be long term occupiers, which over time reduces vacancy periods and lost rental income.

 

Market You Property Well

A For Rent sign at the front of the house is great, but you can't just put the sign up and wait for tenants to come to you. You need to advertise online, which is where the majority of prospective tenants are looking for properties. We recommend you create a marketing blurb describing the features of the property in addition to a number of high quality photographs and then list the property for rent on all sites that tenants use to search for a rental property in your particular area. 

Once people start calling about your ad, be responsive. Do a little prescreening over the telephone to ensure they have enough income to afford the home and that they fit the suitability of the home. Arrange a suitable time to meet the prospective tenants and show them around the home. This is a great time to talk to them and get a feel if they are the sort of tenants that you would like to have. Provide them with a tenancy application and follow this up the next day if you feel they would be a good fit for the property.

 

Tenant Screening Process 

A tenant screening process is crucial to finding the best tenants. Tenancy screening starts as soon as you meet the potential tenants at the property. Your tenancy application should collect all necessary information and provide you with permission to complete a thorough background check. You'll want to speak to previous landlords to check that they have a good rental payment history and that they will take care of your property. Checking credit history and criminal background is very important and you'll also want to verify employment and income.

 

If you need help managing your property and finding new tenants or you have any questions about Residential Rentals property management, please do not hesitate to contact us at Residential Rentals Ltd.