Thursday, March 08, 2012

Selecting the right tenant is everything!

When looking for suitable tenants for your investment property it can be difficult to distinguish between the good and the not so good. Property managers deal with tenants on a daily basis and can therefore help select the right tenant to ensure secure income for your investment property and that it is well looked after.
First impressions are important so from the first moment of interaction with a prospective tenant whether by a phone call, email or an open inspection, observations are made about the type of character they present.
The application process can be extensive and is designed to draw out the true character of the applicant. Reference checks should be conducted to confirm not only their financial stability and rental history, but references of their character. This way you’re able to judge whether they have accurately portrayed themselves.
Look for details and key points that describe what is believed to make a responsible tenant. It can be a vulnerable experience to lease a property out, so it is important to ensure the ground work is done to narrow down ideal prospective tenants.
Some people chose to seek the help and guidance from a property management division to help them through this. The reason some people do this is because property management teams have vast experience with all types of people and personalities. Property management is focused around people, the amount of time spent dealing with individuals regularly gives a good sense of judgment and understanding of what landlords seek in a tenant and which would best fit the property. The close relationship between property management teams allows an enhanced ability to know what would make a good tenant with a range of experience and skills. Licensed real estate agents also have access to TICA - a national tenant database to catch up with any misdemeanours.  They also have an intimate knowledge of the Residential Tenancies Tribunal and its application.
Remember that whether you manage your property yourself or whether you chose to hire an agent, ultimately you, the landlord are responsible for picking the tenant which you believe will fit your investment property.

1 comment:

Anonymous said...

fantastic site- looking forward to seeing more articles that will help me as a landlord!