Insights for Landlords: Finding the Best Tenants for Your Property
If you own rental property in the Darwin area, finding the right tenants can be tricky. And as a landlord, you have a lot of logistics to consider when screening potential renters. There are bonds, background checks, and marketing to consider. Sometimes the process can seem overwhelming. Here are seven key factors that can streamline the process you use to find new tenants.
1. Provide an Accurate Description of Your Property
This may seem obvious, but the way you list your property can help you find new tenants quickly and easily. Listing characteristics like location, amenities and key features of the property helps you weed through potential renters who won't be happy with your property in the long run. So, be concise and clear in your description, and the right tenants will request to see your property.
2. Be Open and Honest About Your Terms
Let's face it, you wouldn't want your tenants to keep anything from you, so why not initiate a trusting relationship by being straightforward? Let them know what you will include with rent, and be willing to answer their questions openly. They will have a lot more respect for you as their landlord when you exhibit transparency.
3. Show Off your Property's Best Features
As well as seeing the best qualities of your property, potential renters need to see how they can make this space their own, while helping you keep your property in great condition. If decor isn't your thing, ask someone who is skilled in decorating to give you a few pointers. The little things can make a big difference.
The right light fixtures can give a space a post-modern or vintage feel. Replacing outlet and light switch covers can also help brighten a room. Take a look at the trim. A coat of warm, neutral-coloured paint can go a long way in brightening a space.
4. Explain the Terms of Your Lease
This is where a lot can go wrong or right. Let your tenants know how much of a rental bond you require and whether you collect rent weekly or monthly. Include any out-of-pocket costs they may have, if any, besides utilities. This can prevent a lot of frustration for you as a landlord and can help establish a trusting relationship with your tenants from the get go.
5. Use a Marketing Strategy for Your Property
To find the right tenants, you need to get the word out that you have a property available for lease. You can achieve this through your social media channels, newspapers and through property management agencies. If this seems a bit daunting, a property management company that specialises in rentals can help you find and select suitable tenants.
Rental specialists like Darwin Rental Specialists have local experience of the area and dedicate time to researching specific suburbs. They will also check applicant's references on your behalf and take on many other tasks to assist you in renting your property.
6. Perform Background Checks on Anyone Who Applies
Explain to your potential renters that you need to perform a background check on them. Then, do it. You'd be surprised how many landlords say they will and then never perform a background check. References and how they answer questions can say a lot about a person's character and their intent to pay you rent.
7. Make Sure to Keep Open a Variety of Showing Times
You could have lots of potential tenants lined up, but if you can only show a property during a certain time, you may have a tough time finding renters, because they're unable to see the property you've listed.
It is possible to find reliable tenants for your property as long as you give the matter some forethought. Keep these seven factors in mind, and you're sure to find the right tenants.