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!
Landlords - protect yourself against unpaid rent with Rent Guarantee & Legal Expenses Insurance from Discount Landlord.
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