Securing good tenants is a cornerstone of successful property management. Good tenants respect the property, pay rent on time, and create a harmonious living environment. But how do you ensure that you’re selecting the right tenants? Here are some steps we take to secure suitable tenants for our properties:
Ensure References are Positive
One of our first and most crucial steps in the tenant vetting process is checking references. We contact previous landlords and employers to gain insight into the applicant’s history. This helps us confirm that the tenant has a track record of being responsible, respectful, and reliable. Positive references are a strong indicator that the tenant will maintain these behaviours in the future.
Check Affordability
Affordability is a key factor in tenant selection. We ensure that the rent-to-income ratio is less than 35%, which means the tenant should not be spending more than 35% of their monthly income on rent. This threshold helps prevent financial strain on the tenant and reduces the risk of late or missed rent payments. By ensuring that tenants can comfortably afford the rent, we promote a stable tenancy and minimize potential issues.
Match Goals for the Property
Understanding the goals of the tenant is vital to a successful tenancy. We discuss whether they are looking for a long-term or short-term rental. Matching these goals with the property owner’s expectations ensures that both parties are satisfied. For example, if a property owner prefers long-term tenants to minimize turnover, we look for tenants who intend to stay for an extended period.
Assess Suitability for the Property
Each property has unique features and amenities that may make it more suitable for certain tenants. We consider factors such as:
Gardens: Ideal for tenants who enjoy gardening or have children who need outdoor space.
House Size: Ensuring the property size matches the tenant’s needs, whether a family needs multiple bedrooms or a single individual or couple who may require less space.
Amenities: Proximity to schools, public transportation, and shopping centres can be critical for some tenants, while others may prioritize different amenities.
Matching these property characteristics with the tenant’s lifestyle ensures a better fit and a more satisfied tenant.
Face-to-Face Meetings
To fully ascertain the above criteria, we prioritize face-to-face meetings during viewings and on the handover day. These interactions allow us to gauge the tenant’s suitability more effectively and address any questions or concerns they might have. Meeting the tenants in person helps build rapport and clarifies whether they will fit the property well.
Home Open Viewings
During home open viewings, we have the opportunity to meet multiple prospective tenants. This initial interaction is crucial for observing how they conduct themselves and their level of interest in the property. It also allows tenants to ask questions and understand what is expected of them.
Handover Day
The day of handover is another important interaction point. It’s the final step before the tenant moves in, and we use this time to review the property’s features, discuss any final details, and ensure the tenant is comfortable with their new home. This personal touch helps set a positive tone for the tenancy and demonstrates our commitment to a good landlord-tenant relationship.
Following these steps increases the likelihood of securing good tenants who will care for the property and fulfil their rental obligations. Ensuring a positive tenant experience benefits the tenant and contributes to the overall success and reputation of our property management services.
Are you looking to take the hassle out of leasing your investment? Reach out to Holly, who will be happy to guide you through a seamless journey!
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