Finding the right tenants for your residential property is crucial for the success of your property investment. The right tenants will take care of the property, pay the rent on time, and contribute to a positive and harmonious community. On the other hand, the wrong tenants can cause damage to the rental property, create conflicts with neighbours, and lead to legal issues and financial losses. In this article, we will discuss some tips on how we choose the right tenants for your residential property.
Advertise Your Property Effectively
The first step in finding the right tenants is to advertise your property effectively. Use multiple channels such as online listings, social media, and local newspapers to reach a wider audience. Make sure to include high-quality photos and a detailed description of the property, including its features, amenities, and location. This will attract more applicants and increase your chances of finding the right tenants.
Set Clear Criteria
Before you start reviewing applications, set clear criteria for what you are looking for in a tenant. Consider factors such as the ability to pay rent, rental history, and references. Make sure to comply with the Residential Tenancies Act 1986 and avoid discrimination based on race, colour, religion, sex, national origin, disability, or familial status.
Conduct a Thorough Screening Process
Conduct a thorough screening process to assess the suitability of the applicants. This should include:
- Credit Check: A credit check will provide information about the applicant’s credit history, including any debts, bankruptcies, or late payments. Look for a tenant with a good credit score and a history of paying bills on time.
- Background Check: A background check will provide information about the applicant’s criminal history. It is advisable to avoid tenants with a history of violent crimes, drug-related offences, or other serious criminal activities.
- Employment Verification: Verify the applicant’s employment status where the applicant has provided the information.
- Rental History: Check the applicant’s rental history, including any evictions, late payments, or conflicts with landlords or neighbours. Look for a tenant with a positive rental history and good references from previous landlords.
Conduct Interviews
Conduct interviews with the shortlisted applicants to assess their suitability further. Ensure that you only questions that are relevant as a tenant so as not to violate the Privacy Act 2000 and private policy. This will help you determine if they are a good fit for the property and the community.
Trust Your Instincts
Finally, trust your instincts. While it is important to conduct a thorough screening process and consider all the relevant factors, your instincts can also be a valuable guide. If something doesn’t feel right about an applicant, it may be worth considering other options.
Conclusion
Choosing the right tenants for your rental property is crucial for the success of your property management business. By advertising your rental property effectively, setting clear criteria, conducting a thorough screening process, conducting interviews, and trusting your instincts, you can increase your chances of finding the right tenants. If you’re worrying about how to find a trustworthy, safe, reputable pair of hands to look after your precious home or investment property in Auckland, Rotorua or the Waikato then call 027 279 3134. We care for people and property. To us, your home is more than just a street number.
