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Selecting Quality Tenants

Attracting a tenant you’ll never want to leave:

 

Here are the top 10 tips for attracting a tenant you’ll never want to leave:

  1. Appeal to your target market. Decide who your ideal tenant is likely to be (a young family, professional couple, mature single) and present your property accordingly. Think about what incentives you could offer your ideal tenant, for example NBN Connection, air conditioning, lawn mowing taken care of. Talk to your Property manager about the property and discuss your ideal tenant with them. 
  2. Screen your Potential Tenants. If you engage a property manager, ensure they conduct a full background check on your potential tenant, including references and a credit check. The more you know about them before you accept them as tenants, the better. At Harcourts JP Elite Group we use the National Tenancy Database (NTD) to ensure we thoroughly check who will be living in your property. 
  3. Be competitive when setting your rent. Ask your property manager to advise you on what similar properties in your neighbourhood are being rented out for. You can also check your suburb’s market rents out online however is is simple to obtain a Rental Appraisal. If you charge too much, you will not be first for any tenant – let alone the kind of tenant you most desire.
  4. If you have had your property available for rent for more than two weeks with no takers, consider adjusting your rent expectations. Well priced rentals will almost always be taken. Be aware that property managers monitor the rental market and often their advice comes from experience and knowledge. Changes in the market can be a result of more properties becoming available in the area, other home prices being lowered, neighbouring suburb prices, etc and often to be competitive in the market price is a key factor. 
  5. Your property manager will be able to advise you on the best way to market your rental property, whether online, through print media, social media and within your local Harcourts office. To have the best chance of securing the right tenant it's vital to properly market your property and often in as many different places as possible. 
  6. Prepare for viewings. Have your property looking clean and tidy. Ask your property manager to provide helpful information such as when rubbish and recycling day is, where the nearest schools, shops, doctors and public transport is.
  7. Consider having session times for potential tenants rather than viewing by appointment. A tenant who is sincerely interested in renting your property will be happy to see the house at a time of your choosing. It also creates competition between prospective tenants.
  8. Let your tenant know you selected them because they stood out as candidates. This validates and sets high expectations of them. People usually rise to the expectations you set for them.
  9. Through your property manager, keep lines of communication open. Be prepared to listen to and act upon feedback.
  10. Keep up with repairs and maintenance. You will attract and keep good tenants if you ensure they are happy.