Finding the best tenant for you
Landlords | Information for Landlords | 05/24/18
So maybe you’ve finally decided to rent out that spare space of yours, to rake in some extra cash. You may be doing this for the 1st or 20th time, but either way one very important step towards a smooth rental process is finding the best tenant for you. This does not mean you’re looking for a friend or partner for life, ok maybe you are but that’s besides the point. You’re trying to find someone who’s going to follow the tenancy agreement at hand, treating you and your property with utmost respect.
Some tenants can be very inconsiderate while others can be amazing guests, so with that this blog is here to help you filter out the negatives and provide you with techniques to attain those positives, as renting your property should be a good and uplifting experience. Not a whole load of stress as we know you might have enough on your plate already, so yes we are here to help!
What am I looking for?
Well obviously you’re looking for the best tenant for you ,but how do we find that person. So the first thing you need to ask yourself is “ What type of person am I looking for?” So maybe you’re looking for:
• A male tenant
• A female tenant
• Working professionals
• Mature adult
These are just a few aspects you may be looking for. So it’s important you understand what sort of tenant you want to accommodate, making sure you express this clearly in any adverts you wish to produce for your potential tenancy. This will definitely help you get closer to securing the best tenant for you. Understand that if you make your requirements too specific it may be difficult to find the “one”.
Remember to follow the law
As a landlord you are responsible for following the law and making sure that no discrimination is permitted as you should treat all potential tenants equally. You should not discriminate anyone based on:
• Family status
Understand that all people should feel equal and welcome regardless of it being the law or not. Some people tend to forget we are all from the same place, so no pointing fingers!
Time to pay up!
As there is rent to be paid, you want to be sure that the potential tenant is willing to pay rent on time. This is a sign that should help you steer towards choosing the right tenant. So there will be some questions you’ll need to ask, nothing too personal, just a little insight into their financial status. Questions should be aimed towards:
• Finding out their employment situation
• How much is their monthly income
• Taking/providing a current credit check
Choosing the right tenant heavily depends on their ability to pay the rent, as this is the main reason as to why you are renting out your property. If the tenant is not willing to provide/answer these questions then it’s a clear indication that this is not the best tenant for you.
Leave the past in the past
Don’t make the individual feel guilty for their past, sometimes we can’t change those things and have to accept them. But as a landlord it’s your right towards knowing about their past tenancy history, as this will also be a clear indication when choosing the right tenant.
So be sure to ask for references, as this will help portray the sort of tenant you may be dealing with. Things that clearly indicate the tenant is a good potential:
• On time payments
• Depiction of good respect
• No/low damage charges
• Mature and well mannered
You’re looking for things that will steer you towards choosing the right tenant. These past reviews will be vital as anyone can pretend to be a nice person, so the proof is in the pudding!
Put it to the side
When taking on a new tenant, you will need to produce a basic rental agreement here you will need to produce a contract that states all the requirements towards the rental.
Within the basic rental agreement you should set a deposit, as this will be used to cover any damages caused just incase your tenant gets a bit wild within the property, but remember accidents happen. This will cover any costs that occur, but if the tenant leaves the property as they met it then, this deposit will be returned back to them, so yes just keep the funds safe and put it to the side.
All factors within the basic rental agreement must be agreed upon by both the landlord and tenant. This will also need to be signed and dated by both parties.
These will be some basic steps in guiding you towards choosing the right tenant for your rental.Make sure you follow these steps and add any more requirements you wish to be followed. Remember you’re in charge of the property, so you will be responsible for finding the best tenant for you.
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