How do I choose the right tenant for my Rental Property?

We navigate the age-old question…

We all know there is no guaranteed way to choose the right tenant for your rental investment property. Picking the right tenant can be a tough decision, especially if you’ve experienced the impacts of less than stellar tenants in the past. Whether you had to make significant repairs to the property or fielded complaints about a previous tenant, it can make rental property investment extra stressful.

At One Agency Orange, we encourage property owners to enlisting the professional help of the property manager to ensure you secure the best possible tenant for your property. With our experience and expert advice, we will guide you through the process of choosing a high-quality tenant who will ideally rent your property for a while. Read on for some key tips we use to help you choose the right tenant…

#1. Make sure your rental property is well presented!

Ensuring all maintenance and repairs are completed before the property is listed and open for inspection will help you attract people who will take the same diligent care of your property. Sometimes it can be worth the wait of a week or two for the current tenants to move out before listing. There is no doubt that a high-quality tenant can better visualise themselves living in the home if it’s well presented.

#2. Observe the attendees at the inspection!

When it is time for an open home, make sure your property manager observes the attendees and notes who is organised with their application. Your property manager will have gone through many open homes before, so they’ll be able to tell you their recommendations based on meeting the prospective tenants and assessing their applications.

#3. Read between the lines!

Your property manager will be able to read between the lines on rental applications. If an applicant has lived in a handful of properties over the last couple of years, for example, this may raise some alarm bells. The applicant may have a genuine explanation, such as moving around for work. As applications are processed, your property manager will pick up things and confirm the applicants through a thorough background check.

#4. It’s worth going with your gut!

If you and your property manager aren’t getting a good feeling about an applicant,  taking some more time to find a quality tenant while the property is vacant is much better in the long run than rushing and approving a problem tenant. The same goes for when you need to choose from several tenants who you’re not comfortable with either.

Need some more information or expert advice?

Finding a quality tenant can feel elusive sometimes. With your property manager’s advice and experience, they’ll be able to make sure you take your time and find a tenant that will take just as much care of your property as you would.

For more information on attracting the right rental property tenants, check out our recent blog which includes our top tips. Also take a look at another one of our informative blogs which outlines how tenancy databases can help when you are having trouble finding quality tenants.

Drop in or give us a call at One Agency Orange today for some expert advice on choosing the right tenant. Contact our office on 02 6362 9560 to arrange a time.

Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.