How to Find Quality Tenants for Your Rental Property | Fraser & Co

A successful rental property requires equally compatible tenants – the two go hand in hand.

However, far too many landlords wait until the last minute to fill a vacancy, which leads to future problems if the tenants aren’t completely happy with the facilities.

Despite high demand, it’s not a quick process to locate appropriate tenants, yet the sooner you start to market the property, the higher the probability will be that you’ll receive more tenant options.

Great tenants come to you by design, not by accident.

So how exactly is it done? Well, in short, the best way to attract quality tenants is to have a high-quality rental property in an ideal location at an optimal price point.

As a landlord or letting agent, you might not have control over variables like price and location, but there are a number of strategies you can cultivate to make your property more desirable to quality tenants.

Here at Fraser & Co, we understand the importance of matching your rental properties with the best tenants, so below we’ll provide you with some guidance on how to achieve this and get the most from your investment.

Screening tenants

While this may seem like a no-brainer, it’s actually a step that’s often done incorrectly.

The way to execute a tenant screening is to put effective procedure in place to filter out undesirable tenants since prevention is always better than cure.

Best practice would be to check up on your prospective tenant’s background, income, and credit score to start with. Then you should also call all references and try to contact previous landlords to see what kind of tenants they are.

Asking the right questions will clear things up for you, for example, ask them why they are moving, have they ever been evicted, are they pet owners, and who will be living in the property.

Lastly, remember to clearly express your expectations as this reinforces your standards and their rights as tenants. It would be a good idea to familiarise yourself with property laws and always have a hardcopy document as evidence, along with photographs of the property prior to the tenants moving in to ensure the protection of your property in the case of a dispute.

Know your property location

When you’re looking for a suitable tenant, you’ll need to be acquainted with the area of your properties and all the amenities available in the vicinity.

This helps potential tenants envision the type of lifestyle they could lead and proves to them that you are an informed clued-up landlord or agent with a solid understanding of the neighbourhood.

By knowing local amenities such as public transport links, parks, schools, supermarkets, and cafes you will have a better chance of finding the appropriate tenant for your property because you’ll have a clear idea of what their needs are and what the property can offer to them.

Understand your target market

This ties in with having a good understanding of your location. Focus on who lives in this area and what kind of people it is already attracting. Establish what kind of tenants you want for your particular property to find the right fit.

Is the property larger than regular? Would it be more suitable for a first-time tenant or a family with kids? Does it have parks nearby? Would it be appropriate and safe for a senior citizen?

Having knowledge of who your ideal tenant is will set you on the right track on finding them.

Advertise accordingly

The internet has made promoting and advertising easier than ever before. Your first step would be to promote your properties on a property portal as this is usually where prospective tenants go.

Write a compelling listing to attract quality tenants as this will be a key way to entice the right tenants. Put yourself in their shoes and ask yourself what they would like to know about your property, such as:

·         Is the listing descriptive and informative, yet concise?

·         Is it easy for potential tenants to get in contact with me?

·         Is there a hook in the listing’s headline that would catch the attention of my desired tenant?

In a similar vein, no listing is complete without great pictures. They are perfect for creating visual interest and will allow your potential tenants to really envision themselves in the living spaces.

Maintenance is key

Perform regular maintenance to ensure that there is less to fix before and after your tenant moves in. Clean and stage your property for a viewing as this will give potential tenants the impression that the property is in good hands.

Be sure to also respond quickly to breakages or property issues once tenants are moved in to make sure nothing sours the relationship in the future. By conveying that you as the landlord or agent is competent and particular about the condition of your property will keep bad tenants at bay and attract those with similar perspectives.

Here at Fraser & Co, we have the experience and know-how to help you get the most from your rental properties by letting in the right way. You can find out more about what we offer here. 

You can also find out how much your rental home could be worth on the current market by checking out our free and instant online valuation tool.