30/09/2021
FINDING QUALITY TENANTS!!
Here are 5 tips for finding quality tenants:
Establish your target tenant _ Having a clear picture of your ideal tenant is useful when you start marketing your property i.e. stable job, have a guarantor and are looking for a long tenancy. If the letting agent knows what you are expecting from a tenant, you are more likely going to get a good tenant. It is also beneficial having the tenant in mind when refurbishing the property, as different tenants will expect different levels of finish.
Check out your competition _ This falls as part of your appraisal process. Knowing what you are able to rent the property out for should have dictated whether or not you purchased the property. Renting can be competitive and so you need to make sure your property is on the market at a realistic price and refurbished to a certain level, so that you attract your target tenant.
Choose the right letting agent _ A good letting agent understands your needs and target tenant, expressing this in how they market and manage your property. You must be able to trust that they are going to represent you in a professional manner. This can be achieved by researching the local agents in the area, comparing their fees and checking their memberships with redress and accreditation schemes. They will be the ones doing the tenant vetting, so you need to trust they are doing it thoroughly.
Keep your current tenants happy _ If your existing tenants are happy then they will likely choose to stay with you for a long time however, if they do choose to move on you don't want them putting off potential tenants while they are viewing the property. A good trick is to check in with the existing tenants and get feedback on the property, doing this lets the tenants know you care which goes a long way. If there are issues it is good to resolve them swiftly, as they are likely only small however left unchecked can resort in costly problems.
Don't rush into anything _ Finally, it is important not to rush into agreeing with a new tenant if you are not 100% satisfied with the whole vetting process. Take your time and make sure you are happy