In this article
Choosing the right tenant for your property:
- We take a closer look at how you can use open inspections, tenant applications, and your residential leasing agent and property manager to succeed!
- We discuss whether the date a tenant can move in should be the deciding factor for choosing the right tenant for your rental property.
- We list our top tips for being a great landlord so you can get the best tenants to apply for your rental property.
So, how do you know which rental application to accept and which to decline so you are choosing the right tenant?
Fall Real Estate’s mission is to achieve the best possible outcome for you and your investment property, including finding the right tenant for your rental.
When you list with us, your Fall property manager takes immense care in who they recommend, listening to your goals and wishes for your property and using their rental managing experience to spot the right tenant.
Deciding the ideal rental income, finding the right tenant and keeping them can be a stressful and time-consuming process. However, with Fall by your side and our highly effective systems and finding quality tenants for your property, you can sit back and enjoy all the benefits of having an investment property.
Finding and choosing the right tenant for your rental property
To avoid owning your rental property becoming an absolute nightmare, take these ten steps to start sorting out the pile of tenant applications.
Alternatively, you can relieve the stress of finding your perfect tenant by getting a complimentary no-obligation rental appraisal and asking one of our experienced property managers to find them for you!
Our property managers will search for and present only the rental applications that best fit your investment property.
1. First impression
The first impression matters and can help you cull some of your tenant applications. Whether the first impression was over the phone, through an email or a greeting at one of our offices, you can gain much information from that first point of contact. You can ask your property manager the following questions.
Was the applicant:
- pleasant and interested,
- well-presented and tidy, and
- well-mannered and responsive.
If the applicant does not respond to emails or calls nor hands in all the required documentation (or promptly adds any documents once they have been informed they are missing), you may choose to keep looking.
2. Property open inspection
At the open inspection, they will reveal their punctual, organised and presentable ability. Your property manager will also be able to gauge how interested they are in the property from the questions they ask (or lack thereof) and whether they engage with the property.
The potential tenant may also divulge their interests, hobbies and concern over things like cleaning, gardening and organisation.
3. Tenant application
The tenant application form is an extensive document that includes much information about the potential tenant. Looking through each tenant's formal application will help you to sort each tenant into either a "no" or a "maybe" pile.
Fall Real Estate has a streamlined rental application process that is used across all eight of our offices in Southern Tasmania. Making searching for the ideal tenant so much easier and far less stressful.
To find out more about our rental application process, contact one of our helpful administrative team members here.
4. Can they afford the rent
Checking their annual income and taking into consideration the average spending for a year, consider whether they will be able to afford to pay the rent you are asking.
You should also evaluate whether there will be multiple tenants paying rent - this will increase their ability to pay the rent if they are on a low income.
Are you wondering what the value of your rental return should be? Fall Real Estate will provide you with a detailed investment report, including an estimated weekly rental value.
We are here to assist you in the area we know best!
5. Work stability
Looking at the tenant’s employment history will help you decide whether they will be a reliable tenant financially.
You can check whether they have had a stable job for many years, whether they have changed jobs multiple times but always had employment, or whether they have had long periods of time without an occupation.
Overall, you want to look at your applicants' patterns and whether they will be reliable and able to pay for their rent each week consistently.
6. Character and work references
Once you have narrowed down your list of potential tenants, you can start calling the references they have listed. Calling the references will give you a better understanding of their workplace relationships and work ethics, their overall character and the friendships they keep.
Click here for some helpful questions you can ask your applicant’s references.
If the thought of calling all the applicant references, sorting through each potential tenant and handling the extra tasks of owning an investment property is too much, we would love to manage your property for you.
Part of our role as your property manager includes an easier platform for tenants to use to apply for rental properties. Once a tenant has filled out their application form, their references will be emailed a list of questions to answer.
As your property manager, our mission is to make your life easier by helping you not only to receive great tenant applications but also in choosing the right tenant for your investment property, as well as everything else that comes with managing an investment property.
7. Rental history
You and your property manager can look at the rental history of your potential tenants and ensure they have always paid their rent on time, kept their rental clean and tidy, and were able to afford the bond and two weeks of rent in advance.
8. Background checks
Financial background checks help reveal any financial problems or issues your potential tenant may have that could prevent them from paying their rent.
You will want to avoid any applicants with excessive debt, overdue accounts, or poor repayment history.
9. Do they have pets?
When choosing the right tenant for your investment, you will want to decide whether you are happy for your tenants to have pets on the premises or if you would prefer an animal-free rental. Many states have different rules or requirements surrounding pets in rental properties, so be sure to check!
You can inform tenants which kinds of pets are allowed and which are not, or you can decide per applicant depending on their character and ability to keep your rental property clean and tidy while having a pet on the property.
10. Move-in date
Many owners feel pressured to rent their investment property as soon as possible. After all, time is money! So, the move-in date can be integral in their decision-making.
Having said this, owners should be careful to decline an excellent tenant application and choose one based on when they could move in. In this case, you may have more financial loss due to the tenant being insufficient or unreliable at paying their rent each week.
Throughout the application process, your Fall property manager will support you in considering the first and all subsequent tenant applications. We will help you in finding and choosing the right tenant for your investment property or properties.
Your success is our success!
How to attract the best tenants!
Presenting your rental property at its best during the open inspection will see potential tenants imagining themselves living in your property.
Making your property feel warm, light and inviting will encourage the right tenants to apply for your rental property. Having a neat, maintained rental property will also set the standard for how the property should be cared for throughout the tenancy!
This will make our job easier when choosing the right tenant for your property, as we will have more potential applications to choose from.
Be a great landlord/owner
Tenants talk, and so do our property managers!
Tenants will likely discuss with other tenants whether their owner looks after them and their rental property. If the owner has a good reputation amongst tenants, they will more likely receive promising tenant applications. You may even find your current tenant recommending another great tenant to take their place!
Our property managers will boast about all our owners' great positive qualities for looking after their tenants and rental properties. So the more you listen and care for your tenants, the more we can boast!
Maintain your investment
No one wants to live in a rental property that has not been taken care of or maintained. Walk around your rental property and imagine living in the space - what would you want to be changed, fixed and improved?
Check to ensure there is no damage to the property, that the property is safe and warm, and that the property is clean and healthy.
Maintaining your property will save numerous maintenance requests as soon as the tenant moves in and provides a positive new home experience. You will set your tenant up for long-term happiness in the property.
Once your tenant moves in and you have signed up as our investor client, our property managers will ensure that your investment continues to be looked after.
Through regular rental inspections, building relationships, detailed inspection reports and peace of payment, you will know your investment property is in good hands. To find out more about what we can do for your investment property, click here.
Fall Real Estate is here to help!
We want you to find the best tenant for your investment property!
Fall property managers communicate with tenants every day. We have plenty of quality tenants looking for their next ideal rental property, and we can link them to you!
We keep quality tenants by working with the same people and families over and over - often knowing their movements before they occur. We move our quality tenants between our properties when an owner has decided to sell their investment property.
Working with our professional real estate agency and taking advantage of our unique and practical systems will ensure that your property is properly maintained and quality tenants are placed in your property from the very beginning.
Fall ensure you receive the tenant applications that best fit your investment property - taking the stress and pressure off you to go through all the applications you receive.
Overall, your rental property will be taken care of and managed professionally. From open inspections and finding and choosing the right tenant for you to regular rental inspections, maintenance checks, and tenant communication will be undertaken to ensure your property is always a priority.