There are loads of people out there looking to rent a property but the reality is you want the best tenants there are available, ones that can keep up with the rent, that will treat the property with respect and that will hopefully stay for a long period of time. The market is competitive, so how can you make sure you get the perfect tenant for your property?
- Start Early
Renting is only a money maker if your property is rented out so don’t leave it until the last minute to get a tenant! The process of finding a tenant, doing background checks and getting to the point of contract takes longer than you may realise so get ahead and market early. The more time you have before you need a tenant in there then the longer you have to go through the application and selection process and find the perfect tenant. You don’t want to be forced into accepting an unsuitable tenant long term simply to avoid a vacancy in the short term.
- Market for your perfect tenant
Hopefully you decided on a target audience when you purchased the property and you have renovated it to suit that type of person e.g. student, family, professional. When it comes to advertising you then need to tailor your marketing to that type of tenant, advertising in the right places and with the right content. Find features and benefits of your property that would appeal to your target tenant if that’s a student then emphasise benefits such as proximity to transport links, shops and bars but if it’s a family you want to attract give information about schools and show off the garden etc.
- Show the house as if you were selling it
Present the house as if it is for sale with neutral decoration and minimal furnishings, if any. When prospective tenants come to view, show them the house as if you are selling it – make sure it is spotlessly clean and has great curb appeal. Good tenants will also be checking out the landlord to see if you are the right fit for them so dress smartly and present yourself professionally.
- Charge an application fee
Rather than putting off perfect tenants, charging an application fee will weed out a lot of unsuitable tenants. The type of tenant you want to attract will be willing to pay an application fee to get your property. Charging an application fee will help you pay for credit checks but also saves you time by leaving you with applications from suitable tenants rather than hundreds of applications from tenants that don’t meet your criteria.
- Get the price right
You can’t afford to make a bad first impression when it comes to finding the perfect tenant, or put anyone off before they even enquire! You need to get the price right! An over inflated price could put off the perfect tenant and make it difficult for you to rent out the property. Advertising too low could also put off the type of tenant you are looking to attract.
Once you’ve found a great tenant do you best to hang onto them for as long as possible! Keeping tenants for long term periods is a great way to save money, time and hassle. To keep your tenant happy be available, deal with problems quickly and increase the rent fairly.
For more help with your property management take a look at our mentoring packages, courses or books by browsing our store today!
Tags: hmo, property, property investor
Trackback from your site.