Property Investment Tips: Finding the right tenants for your real estate

By the resi financial blog team, 24 January 2014

How to choose the right tenants for you property

Keeping your property in tip top condition is the best way to help ensure it remains a viable, profitable option for you to keep. After all, what use is taking out an investment loan and securing a great property in a prime location without ensuring its worth?

Take your time to find the right tenants

As landlord, you have discretion when it comes to occupying your property. While it isn't legal to deny tenants based on factors like ethnicity or gender, it would be recommended to take your time with all the applicants in order to find the best possible match.

A property is a huge asset, so you want to make sure that the person you select to occupy your home is trustworthy and reliable - both with paying their rent and looking after the property in general.

One way to help is to get in contact with all their references and do a thorough check of their rental history. Asking their previous landlords about any issues that they had, as well as the reason for their departure, will aid the overall decision process.

Do maintenance between tenants

Before letting anyone else move into your investment properties, you should take a grace period to go over all the different aspects of your home. If you're expecting a harmonious relationship with your tenants, it could help to make an effort with the preparation beforehand.

This could mean taking the time to give the home a fresh lick of paint, repair or replace older fixtures around the home and take care of any overgrown, unsightly vegetation in the garden. Not only will this help to attract great prospective tenants, but it also keeps you in the loop about the state of your property.

Categories: Financial Services, Home Loans, Property Investment