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How to ensure you get the perfect tenant for your property

by , 02 February 2015

When you decide to invest in property to rent out, finding a property that appeals to prospective tenants for the right price is only half the battle.

The next thing you need to do is find a tenant for your property. And you don't want just anyone renting out your property. You want to find a trustworthy individual who's going to treat your property with respect and pay their rent on time.

So how can you secure the best tenant for your property?

Read on to find out…

How to screen prospective tenants

Once you start to advertise for tenants to rent out your property, don’t jump for the first person who shows an interest. It’s important that you find the right person.

The best way to go about this is to screen your tenants.

After a prospective tenants has seen your property and tells you they’re interested in renting it out, ask them a few questions in a tenant’s application. This should include:

  • Whether they have a job;
  • How much they earn; and
  • If they have a partner who will be living with them and whether they’re employed and how much they earn.

You should then contact the prospective tenant’s employer and ask them for a reference.

If someone doesn’t have a job, this should send alarm bells ringing in your head. If they don’t have an income, how can they pay you rent every month?

Conduct a credit check on prospective tenants

Your application needs to state that if the tenant signs it, you have the right to do a credit check on them. You need to have this in writing. This should help filter out tenants that you may not want staying in your property.

There are a number of websites you can use to run credit checks for a fee. Have a look to see which one suits you best.

You’re looking for a tenant that has a secure job, earns an income that can more than cover the rent and who has a clean credit record.

So there you have it, how to ensure you get the perfect tenant for your property.

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How to ensure you get the perfect tenant for your property
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