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How to find the best tenant for your property

by , 21 May 2015

If you're investing in property to rent out, your main concern will be to buy a property that's in demand from tenants.

Once you're the owner, your next concern is finding a suitable tenant.

So how should you prepare?

Read on to find out…


Opt to part furnish your property


If you’re battling over whether to furnish your property or not, stop right now. There isn’t a difference in the rental income.

A good option is to part furnish your property. This means you supply curtains, carpets, a stove, fridge and washing machine. Your tenant supplies the rest.

This will cost you less than fully furnishing. And with your tenant putting in their own furniture, they’re more likely to take better care of your property as a result.


How to vet a potential tenant


Even if you opt to use a letting agent to help you find a tenant, ensure that you get references from them.

This will help you pick the best tenant you can.

Ideally, ask for references from their previous landlord, their employer and their bank.


Preparing for your tenant moving in


Your new tenant must pay you a deposit and sign a lease agreement BEFORE they move into your property.

Deposits tend to range from one to two months’ worth of rent. One and half times the monthly rent is a good figure to go with.

Then you need to get them to read and sign their lease agreement. Make sure you cover all bases here. If you don’t feel you can draw this up yourself, you can do this through a letting agent.

You want to cover yourself for all eventualities. Read this article for a list of what you should include in your rental agreement.

So there you have it. How to find the best tenant for your property.

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How to find the best tenant for your property
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