As a property owner, you want to do everything you can to protect your investment. One way to accomplish this is by finding the best tenants for your property. There are many things to consider when choosing tenants, and it can be difficult to know where to start. This blog post will provide you with some tips on how to find the best tenants for your property. Keep reading for more information!
What Is the Best Tenant?
If you are new to being a landlord, one of the best steps in order to find the best tenant for your property would be to understand what the qualities of the best tenant are. The most immediate is a tenant that won’t destroy your property, but there are other qualities too.
For example, the best tenant should:
- Have a steady source of income so rent is paid on time.
- Have references from past landlords that reflect well.
- Shouldn’t have any history of eviction.
- Be respectful.
- Shouldn’t have a criminal record.
- Should alert landlords when there is any type of problem.
When trying to work out what the qualities of a great tenant are, don’t make the mistake of listing the qualities of a great human being. The tenant should be respectful, yes, but that doesn’t mean they should be the nicest person on the planet.
Use a Letting Agent
One of the easiest ways that you can find a tenant for your property would be to make use of a letting agent. One of the biggest benefits of hiring letting agents in Northampton is the fact that they will do all of the groundwork for you.
Letting agents will set up interviews with the potential tenants, do all the background screening, as well as credit checks, and so on. More importantly, many people prefer working through letting agents, so you will be able to find tenants much faster.
Advertise
The next thing that you could do to find a great tenant for your property would be to advertise. Keep in mind that while advertising is cheaper than making use of a letting agent, it will probably take a lot longer to find a tenant.
There are many different ways that you could advertise to find a tenant, such as:
- Posting ads on Gumtree.
- Posting ads on Craigslist.
- Using mobile apps, such as HotPads, Homesnap, Zumper, and more.
Another thing to keep in mind if you do choose to advertise using any website is that many fewer than normal people might crawl out of the woodwork, and you might also be approached by a few people that might try to scam you.
Be Upfront With Terms
One of the most important things you can do to find the best tenant for your property is to be upfront about the contract terms. While it is normal to develop some sort of friendship with your tenants, you should not treat them as friends, lest you be taken advantage of.
In other words, you should list everything that you expect from the tenant, and enforce those expectations when they are not met. For example, you might request that they hire a gardening service to keep the grass neat. You might also request that they do not hang anything on the walls, or for them to check with you before getting a roommate.
Screen the Tenant
Another incredibly crucial step to finding the best tenant would be to screen them effectively. Screening a tenant is similar to a job application; they need to meet the requirements to qualify so that they can do the job well.
For example, tenants need to:
- Show references from landlords.
- Exact details on who will be staying in the house.
- Some sort of employment confirmation.
- They need to have a credit check done.
These are just a few, and it’s up to you how rigorous you want to be with the checks.
Interview the Tenant
Finally, the last stage of the process would be interviewing the tenant. The easiest way to go about this would be to find a tenant that has similar values as you do, since not only will this help to establish a respectful relationship, but it will also ensure they want the same things you do.
Remember, you are handing over the keys to your home to the tenant, so they need to be able to look after it while they are staying there. Getting to know the tenant a little before letting them move in will give you an insight into their lifestyle.
