Securing The Best Tenant
How do we secure the best tenants?
A clean well-presented home will find a good tenant. It is important to allow the time needed to secure the very best tenant as this valuable investment in time will ensure the security of your investment property.
A good property manager can find a good tenant for any property, let us share the steps we take throughout the tenant selection process.
1. Have we met the potential tenant and how did they present themselves when viewing the home?
We do not consider applications from people we haven’t met in person. First impressions are crucial and form part of the application interview process.
2. On receiving their application is the information consistent, with our discussions with them when viewing the home?
3. Are they renting through an agency or privately and how long have they been in their current rental?
Unfortunately people renting privately is often because they have been unable to secure a property due to a poor history. Often self-managed property owners are unable to supply the evidence we require to accurately process the application.
4. Do they have current employment and how long have they been employed? Or do they have sufficient alternative income to service the rent?
A good guide is for the rent payable to not exceed 1/3 of the income to the household.
5. Can their current employer confirm their employment status? And are they happy to provide a character reference?
6. Is the previous agency happy to supply us with a tenancy ledger and the last 2 routine inspections?
The tenant ledger is the tenant’s financial report showing when rent and other outgoings have been paid and if they have been paid on time. The last 2 routine inspections give us a guide to how they have taken care of their current or previous home.
7. Will the previous rental agency provide a character reference for the potential tenant?
This is critical, whilst we place a lot of value on whether the tenant has paid their rent on time and taken care of the property, we also value the opinion and comments from the tenants previous property manager. We love nothing more than hearing “We are really sorry to be losing them”
8. Can they provide sufficient identification documentation?
And have we sighted the original documents? Whilst it is sufficient to accept electronic identification it is important to also sight the original documentation to ensure its authenticity.
Following the screening process we then present, discuss and answer your questions regarding the applications, allowing you to make an educated decision on the successful candidate. Whilst we make our recommendations the final decision is always yours.