Renters often assert that there isn’t enough choice when it comes to the property market. However, it could also be argued that there are not enough suitable renters when it comes to finding tenants.
Just because you choose to rent out your property rather than live in it yourself, doesn’t mean you shouldn’t care who resides there and how they treat your home. Ideally, you want to look for a tenant, or group of tenants, that will treat your home like their own. This way, you will have peace of mind when you cash in those checks at the end of every month.
So, what exactly are the characteristics of a great tenant? In our opinion, the ideal tenant…
- Has a steady income
- Meets payments on time
- Puts up a security deposit
- Provides past references
- Demonstrates a positive credit score
- Acts politely and is respectful to neighbours
Nevertheless, finding the perfect tenants can be a struggle, especially if you’ve never rented out a property before. In this blog, we’ll explore all the best tips and tricks in the real estate market to ensure you feel satisfied with the people living in your home. Keep reading to find out…
- Create a high-quality listing
- Set a clear applicant criteria
- Manage the application process
- Opt for external help
- Talk to past references
If you want to attract high calibre applicants, you’ll need to create a high-quality listing. This involves using professional photographs, creating detailed yet direct descriptions, and pricing your property fairly. The more interest you generate in the listing, the more tenants you will be able to choose from.
Creating a high-quality listing could result in hundreds of applicants, so how can you narrow down the search? We recommend you outline your applicant criteria. Just make sure your criteria is in line with Fair Housing regulations and legislation. However, you could ask for a credit score requirement or minimum monthly income.
The housing market moves fast, and tenants may apply to dozens of properties at the same time. If you spend too long managing the application process, you may risk losing some valuable candidates. Having a clear application criterion can also help speed up the process of finding a suitable tenant by filtering out the unqualified applicants.
The easiest way to guarantee your property rental is handled professionally is by opting for external help. Specialised organisations can help with residential property management in toronto gta, allowing you to sit back and relax whilst they handle the hard work. Apart from taking over your landlord duties, they’ll also ensure you’re only receiving high quality tenants.
Finally, you can always ask for tenants to include past references. Don’t forget to ask them for a point of contact so you can verify that the testimony is true. This will help you get a better idea of what the tenants are like and how they treated the previous property. All in all, it can give you a great overview of what is to come.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence