Quality tenants are gold for property investors. Here’s how your property manager will ensure you don’t get stuck with a dud.
A reliable tenant will make owning an investment property a breeze. They pay their rent on time, every time and care for you property like you would yourself. But get stuck with a tenant who consistently makes late rent payments, trashes your property and annoys the neighbours and your investment journey will quickly turn into a nightmare.
That’s where your property manager comes in. They know how to attract quality tenants and assess applications to reveal the people you want living in your property. Here’s how they do it…
- First impressions
Property managers like to meet potential tenants in person and many use the open house as the first opportunity to assess them. How they present and conduct themselves are the first signals as to whether they will be quality tenant or not.
- Ability to pay rent
Of course, you only want to rent to people who are capable of paying the rent you charge. As part of the application process, your property manager will ask the potential tenant to provide proof of income to ensure they won’t have an issue making rent payments.
- Rental history
Looking at the past behaviour of a tenant is the best way to predict their future behaviour. Your property manager has access to a tenancy database that will list any past rental infringements they’ve committed while renting other properties.
- Extra inclusions
Some potential tenants will go the extra mile when submitting rental applications and include additional materials such as references or letters that back up their standing as a quality tenant. These all help to paint a picture of the tenant in question.
- Providing ID
Applicants must provide 100 points of ID with their rental applications. Your property manager will keep a close eye on those who fail to do this. If they have to chase them to provide the sufficient ID, it could be a signal that they are unreliable.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.