If you rent out your property, one of the most advantageous things that you can do is to ensure that you have high quality tenants. When you have good tenants you can relax knowing that they will pay your rent on time, keep your property in good condition and act responsibly.
However, the effects of a bad tenant can be serious – they can massively damage your property, ruin your reputation in the neighbourhood, fail to pay rent which can put you in debt and much more. This can cause you to lose money on your rental home investment, which is a headache you don’t want to have to deal with. Once they have signed a lease agreement it becomes difficult to evict them, causing a long, expensive and time consuming hassle.
Finding the right high quality tenants will be a huge benefit to you, so what can you do to protect your investment? Here are some tips to keep in mind:
Attract quality tenants by keeping your property in good condition
The rental market is very competitive and it will become more competitive in the future. Landlords can get ahead of the game by keeping their property in good condition and increasing its value.
Making cosmetic changes to the property and adding new appliances are usually the most cost-effective ways to increase the value of the home and attract more high quality tenants. Do your best to accentuate light and space as much as possible. Freshen up the paintwork, buy new modern appliances and even consider replacing carpets with wood flooring if your budget allows.
Don’t forget the exterior of the property as well! Make sure that the garden is neat and presentable, the door and front gate are welcoming and the paint on the exterior is fresh and not peeling. First impressions really do count when it comes to attracting interested tenants!
Advertise your property
Having a “For Rent” sign isn’t enough to attract potential tenants, as it will only attract those who are walking past the property. Try also advertising your property on websites and want ads. To write an enticing ad, highlight the advantages of the property such as modern design, historical features, water view, spacious kitchen, master bedroom ensuite, etc.
If there is a unique feature that really makes the property stand out, you should list it at the top of the advertisement so that it catches readers attention. Take the time to write an enticing ad, because the more applicants you get the better chance you will have of finding a really good tenant.
Perform a background check
When you have narrowed down your list of potential tenants, you can screen them by doing a background check. Ask the applicant to provide you with the contact information of the previous locations where they have rented. You can then call their previous landlords to find out about whether or not they treated the property well, whether those landlords had any complaints and whether they paid their rent on time. This will help you to weed out the potentially disastrous tenants from consideration.
If you don’t have the time for this there are even background screening companies that will do the job for you, even conducting criminal record searches and credit checks. This option can save you a lot of time if you have multiple applicants for your rental property.
Treat them with respect
When it really comes down to it, your tenants will treat you the way that you treat them, so establish a good relationship with them, even become friends with them if you can (but not too friendly!). They are not just someone who gives you money once a month, they are people too.
Respect the privacy of your tenants, tend to repairs and maintenance issues with urgency, answer their questions and speak to them with kindness. Invite them over for dinner to get to know them. Treat them not just like tenants, but also like neighbours and friends. When they have a good relationship with you and they feel you appreciate them, they are much more likely to treat your property with respect in return and will pay on time every time.
These are just a few tips that you can keep in mind in order to attract the best possible tenants to your property. Having bad tenants can be nothing but headache, but with the right tenants you can have many happy reliable years of renting out your property. Take your time and find the right people to rent your home – it’s worth it effort!
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