How to find the best tenants for your investment property

couple moving boxes| Image5Getting the best value out of an investment rental is a collaborative effort between the landlord and a great tenant.

To achieve long-term returns on a rental, the property has to last – and that means finding tenants who are willing to look after the home just as much as you are. Paying the rent on time is always important, but beyond that, the best tenants are ones who will take care of the property, respect the neighbours and community, and will rent indefinitely.

So how can you attract a tenant you can trust? It all begins when you’re first buying your rental.

Choose the right property

Think about your ideal tenant. Are they perhaps a single, quiet student? A new family? Or maybe a working professional couple? Whoever they are, bear them in mind when choosing your investment property.

Rental properties have certain traits that may be on many potential tenant’s checklists:

Proximity – for example, students will want to live close to universities and a supermarket (as they may not have a car), while young families will prefer to be in zone for reputable schools.

Community – cleanliness and friendliness in a neighbourhood will attract most tenants and sets a precedent about how their home should be maintained.

Space – large bedrooms may appeal to many tenants who will be flatting, and thus spending most of their time in their bedrooms. Meanwhile, a yard will probably take priority for a young family.

Prepare yourself and your property for viewing

Anyone looking for the best available option will be quickly turned off if your property is poorly presented. Overgrown lawns, neglected repairs and any grime must go if you want a tenant who will respect the home.

Make a strong first impression on prospective tenants by boosting street appeal – tend to the front garden, repaint the front door and make sure the windows and weatherboard are reasonably clean. Before viewings commence, pay to have the home thoroughly cleaned.

Lastly, remember to present yourself as someone tenants will want to deal with, or hire a respectable property manager to handle tenant communications.

Screen your tenants

Take the chance during initial viewings to talk to potential tenants. Get a feel for their personality and lifestyle.

As part of the tenancy application process you should request proof of income to ensure your tenants will be able to meet rent obligations. Professional and personal references are also invaluable in finding trustworthy tenants.

Finally, be communicative. Call prospective tenants and have a conversation. This will show that you’re open to dialogue with them and give you another chance to understand who they are.

Need a mortgage broker?

If you’re ready to take on the rewarding challenge of investing in a rental property and need a hand finding the right home loan for you, contact us today on 1300 422 506.

chrisbrown1224

Managing Director – New Vision Financial Services & New Vision Real Estate After years in the banking, finance & commercial sector Chris noticed that the industry needed a company with a personal touch that offered their customers a complete solution. In 2015 New Vision Financial Services was created to allow our consultants to use their experience (including approving and structuring large complex commercial transactions through to basic home loans) and to concentrate on offering a personalised service to their clients. With the growth and success of New Vision Financial Services a decision was made in 2019 to launch New Vision Real Estate to provide an end to end solution for client weather they be first home buyers or seasoned investors. Chris has built a team at New Vision Financial Services and New Vision Real Estate that have access to over 70 different lenders, insurers, lawyers, accountants and financial planners giving you more flexibility when making a decision. We offer a full service Real Estate agency offering Sales, Leasing, New Developments, House & Land and Commercial. Call me anytime on 0433 181 544 or email chris@newvisionfinancial.com.au The team at New Vision Financial Services have access to over 70 different lenders, giving you more flexibility when making a decision. Our consultants have had extensive experience within the banking, financial and corporate sector. At New Vision Financial Services we specialise in finance lending for home, investment, business, commercial, asset, debtor and many other requirements. As New Vision Financial Services has progressed, we have developed strong relationships with professional service providers such as; Financial Planners, Accountants, Settlement Agents, Leasing & Equipment Providers, Debt Management Specialists and any more to allow our clients access to a complete suite of services.

Leave a Reply

Your email address will not be published. Required fields are marked *