News

How to find and keep great tenants

11 December 2013

Choosing which property to invest in is a massive decision, but once you’ve made it one the most important investments you can then make is finding good tenants to live in it.

If you manage your own investment property, finding tenants will be one of your roles, and doing so successfully and keeping them happy can be the deciding factor in a property owner’s experience of owning a rental property.

It can important to treat good tenants with respect so they are content and treat the property with respect in return, so here are some fundamental ways to find good tenants and to keep them happy.

Think before you buy

What type of tenant do you want to attract? Do you want a family living in your property? A single professional? A couple?

Think about what type of tenant you would like to attract and buy something that would appeal to them.

If you buy a property that is close to schools, shops, sporting facilities, nightlife and public transport, you obviously increase the attractiveness of your property and will draw a wider range of tenants to choose from.

Make sure your property looks well

A tired looking house with stained carpet and walls and other aesthetic problems can deter potential tenants from applying. Also those that do can treat the place poorly as a result.

A well-presented property that doesn’t require much maintenance will mean happy tenants who have minimal costs and effort to upkeep it. They are also more likely to treat the dwelling as it were their own.

Checking your tenants’ background

Probably the most important check you should do once you’ve received your applicants is to contact your preferred tenants’ employer to confirm they work where they say they do, they earn as much as they say they do and that they’ve worked in their current job as long as they say they have.

You will also need to contact their previous landlord to confirm they were good tenants previously and to discuss any issues they might have had in their previous tenancy. 

Maintain your property 

To keep your tenants happy it’s important to attend to any maintenance issues quickly. If you don’t, you risk losing their faith that you are committed to the property and may treat it accordingly.

It is also very important that any issues that can endanger the safety of tenants are sorted out or you might end up in an expensive legal claim.

Fixing maintenance issues quickly and with quality shows your tenants that you care about the property and appreciate their concern for it.

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