The Guide to Screening a Tenant
Securing the best investment property is the first step in your investment success; the next key factor in a successful investment property is finding the right tenant. The right tenant can ensure regular rental income and a hassle-free process overall. However, the wrong tenant can lead to investment property nightmares that are stressful, expensive and time-consuming.
With the best property management services in Auckland, the team at Walker Weir know a thing or two about finding the right tenant. Here is our advice on screening a tenant to ensure rental property success.
It All Starts with High-Quality Advertising and Marketing
In order to find a qualified tenant, you need to attract a range of responsible residents to live in your property. A focused, local advertising and marketing campaign is the key to attracting prospective tenants.
The advertising for your property should reflect its benefits and be driven by a knowledge of the local community and its demographics. This allows you to attract an appropriate initial group of interested tenants, making it easier to make a great choice.
Things to Look for When Screening Your Tenants
From the initial group of enquirers, you can then begin to narrow down the tenants based on a range of desirable traits. Things to look for include:
- Tenants who thoroughly complete the application
- Proof of identification and income
- Adequate references from employers and previous landlords
- A documented history of paying rent on time, being a good neighbour and earning enough income
- Sound reasons for why they are leaving their current home
- Tenants who are willing to pay above the indicated rate
Walker Weir’s Rent Tender Process
Walker Weir Property Management implements an innovative rent tender system that helps landlords to find the most suitable tenant who is willing to pay the highest price possible. Under this system, prospective tenants place bids based on an indicated price and the highest bids from the most qualified tenants are accepted. This ensures the most rental income possible without compromising the quality of your tenants.
Signing on the Dotted Line
Following a thorough screening process, signing the tenancy agreement and all other relevant documentation is also important. This confirms that all the rights and responsibilities of each party are understood, as well as the potential consequences. A bond can also be collected from the tenant at this point.
Property management tools and resources can be invaluable at this point, as they help to protect the interests of all parties involved and conveniently store important information and documents for landlords. Secure cloud-based software that is easily accessible can give you peace of mind that nothing slips through the cracks.
Ongoing Property Inspections
Tenant selection is really an ongoing and active process that is reinforced by property inspections. Entry and exit inspections with detailed photography and videos can ensure that a property remains in the agreed condition for the life of the lease. Equally, routine inspections can keep a close eye on the condition of the property to ensure everyone is living up to their responsibilities.
Have the Whole Process Taken Care of for You
Most landlords don’t have access to specialist tools, affordable marketing and legal contracts, let alone the time or knowledge it takes to actively select and manage a tenant. Property management services from Walker Weir Property Management can handle the entire tenant experience for you in Auckland.
From marketing to regular inspections and bond collection, we do it all. To make your property management easier, phone 09 972 1212 or visit us online for more details.March 15th, 2018