There is a skill in selecting the right tenant
Selecting the right tenant is not as simple as it may seem. As a property management agency with many years’ experience, we have learnt that there are some tenants who try to work the application process and sneak under the radar of the application screening process.
Making the wrong decision from the outset can cause long-term issues of rental loss and property damage.
It is better to have a vacant property for a short period of time than to lower your selection standards.
When selecting the best tenant for your property we take into consideration the following:
How long they have rented their previous property and how long they wish to rent the property. Long-term tenancies reduce wear and tear on a property and reduce your outlays of advertising, as well as reducing loss of rent during tenancy changeovers.
Can they afford the rent? We use a similar formula to the banks. The 30/70 rule. 30% of the household income for rent and 70% for living expenses.
The references provided by previous landlords/agents, employers and personal references.
Have they been listed on a national tenant database for a tenant breach?
Do they have pets? Sometimes a tenancy without pets can cause less issues.
How many people wish to reside in the property? The more people in a property can impact on greater wear and tear.
What is their character? During property inspections and the interview process we ask important questions to determine if they are genuine.
We are hard to please in the tenant selection process and will always short-list the best tenant based on the above criteria.