Investing in property can be a great way to make money, but letting out your property can be time-consuming and stressful. As an owner, it’s your legal responsibility to find good quality tenants that look after your property and pay their rent on time.
To make sure you always get the best tenants, it’s a good idea to set some clear criteria in advance. Otherwise, you might end up with tenants that don’t meet your needs and cause issues with your portfolio. Here are some tips to consider:
Establish Your Target Tenant
You may have the most stunning property in town, but if you don’t have good tenants, you’re going to lose money. Establishing your target tenant means that you can be sure that your rent is paid on time and that you are taking in people that will take care of your property. Being realistic with your expectations will give you peace of mind.
Choose the Right Letting Agent
The market is competitive, and it can be hard to find and select the right tenants for your investment. If care is not taken, you may end up with people that will empty your property, hold loud parties, or worse, trash it before leaving. One of the best ways to avoid rogue tenants is to commit your property into the professional hands of a reliable letting agent. If you want high-quality tenants who pay your rent and don’t cause damage, then choose the right letting agent.
Check Out Your Competition
Other properties and letting agents in the area are constantly trying to get top tenants to sign with them. In fact, they’ll do anything for them. Review your competitors’ properties, text ads, and social media posts to find out what they are doing right, so you can do better. You will quickly learn how to create an outstanding ad that keeps potential tenants coming back to view your listings.
Prepare for Property Viewings
Learning how to prepare for property viewings is crucial. Your presentation on the day can mean the difference between landing the perfect house or being left disappointed. The key to finding out how to stage property is firstly picking what you want your prospective tenants to see. But the good idea is to highlight the things you love most about your home and add life inside the rooms that otherwise might look bare.
Let Your Letting Agent Do the Viewings
It is getting harder and harder to get the best tenants these days. Therefore, it is vital that your letting agent is able to do viewings immediately with a variety of potential flatmates.
Leaving the viewings to your letting agent will help you secure high-quality tenants and provide you with a professional service that could make all the difference between saving and losing thousands of pounds.
Keep Your Current Tenants Happy
A great way to get tenants for your property is to make sure your current ones are happy. It is important that you communicate with your current tenants effectively since this will help you better understand what sort of maintenance arrangements they want to be kept in the loop with. Doing this will help you get along great with your tenants and have them stay around for years to come.
If you own a rental property, you want the best. You need to find the right people to make the investment pay. No matter how beautiful and well looked after your rental property is, if you get the wrong tenant, it can ruin your investment. The above tips will get you on the right track.