Good landlords can be hard to find, but so can good tenants. If you rent out a property, then it is important that you find tenants who will look after it, pay on time and not cause you any headaches. Sadly, many landlords do not realise that they have taken on a bad tenant until the lease is signed, and then it can be too late.

In this article, Mark Burns, Director of Pure Investor takes a look at the ways in which landlords can go about finding one of the many good tenants that are out there and make a happy and stress-free relationship.

Marketing

In order to attract the right kind of tenant, you need to think about the way in which you market your property. If you want to find the best tenant, you need as big a pool as possible to choose from, so make sure any property listings have plenty of good quality, clear photos that show your property off in a good light.

You should also have a clear, easy to understand list of features and nearby amenities that are targeted at your ideal market.

For example, if you want to attract families, then include references to well respected schools in the area, or for young professionals you could talk about local businesses, transport links or nightlife. By doing this, you can make sure that you get plenty of applications to choose from, and you are in a better position to find the right one.

Property maintenance

Keeping your property looking good isn’t just about selling it to tenants, it also helps you to set standards. When tenants view a property, any signs of scuffs, damage or tattiness will make them think that you don’t care about the property, and if you don’t, they won’t either.

Showing them a pristine property is likely to put off those who already know that they won’t be able to maintain it to those standards.

Therefore, make sure you have it cleaned and redecorated, mow the lawn and fix any issue so that you can show your potential tenants what your expectations are.

Referencing

When a tenant is interested in your property, they will fill in an application form where you can ask for references. Ideally, these should be previous landlords or letting agents rather than someone’s dad or a best friend, as these are going to be able to tell you whether they pay their rent on time, look after the property or cause any disturbances.

A professional reference check can also provide information about their credit status and affordability checks. This can all help to form a picture of your potential tenant, and it puts you in a better position to decide whether they are right for you and your property.

Meet your tenants

Your tenants might look great on paper, but this can hide a lot of things. You might be busy, but it is important to make the time to meet your tenants before anyone signs on the dotted line. You will be able to tell what kind of people they are and whether their application is a true reflection of them. It also gives you a chance to see what their communication skills are like and how they present themselves.

If you do decide to lease your property to them, this can also be a good way to start a healthy relationship between a landlord and tenant. If you have opened up lines of communication and shown them that you are approachable, you are much more likely to get along without too many problems.

Questions

Before you meet or interview any potential tenants, you should draw up a list of questions that you want to ask them. You should take the time to find out why they are moving and learn as much as you can about their previous property and other rental experiences.

It is also a good time to talk about their plans for the future so you can establish whether this is a long-term move or whether they will be looking to move on before long.

You can also find out more about their jobs and careers to understand more about their prospects and ask about their hobbies and what they do in their spare time so you know whether they will draw complaints from neighbours or cause any problems.

It is also a good opportunity to raise anything that might have flagged up in their application or their references that you want more information about.

Letting agents

Letting agents can be a great help when it comes to finding a good tenant. They should have a good grasp of your needs and what you want from a tenant and will have a list of suitable people who are looking for a property.

They will be able to carry out a lot of background checks themselves and may even have dealt with the tenant before, so they can do a lot of the hard work for you, ensuring that you get to choose from good quality potential tenants.

They can even conduct the viewings of the property for you and provide feedback from them to help make your life even easier.

Check out the competition

It is important to have a look at similar properties to yours in the area. This will allow you to see if your rental prices are pitched in the right area, and whether your goals are realistic. You might choose to make your prices more competitive, but remember that if you go too low, you might end up attracting the wrong type of tenant.

Finding a tenant for your property can be a nerve-wracking process, so it is important to be prepared. Think about who your dream tenant is likely to be, and then gear everything around trying to attract them. You should never rush into signing a rental agreement, so make sure that you do plenty of checks before you enter into any kind of formal agreement with a tenant.