4 Quick Tips To Avoid Rent Ruined & Select The Best Tenant Ever!
When selecting a new investment property tenant in Seven Hills NSW - it is important to note that rental references are the most important indicator of how your tenancy will perform– this indicates who they really are as a tenant– their true colours!
Employment is of secondary importance as this only confirms how much the tenant receives in income, but will not confirm if they have a good habit of paying the rent on time.
Quality time must be spent when checking your tenant’s history and references– as your tenancy will only perform as good as your tenant.
1) Checking A Rental Applicant– A Good Question
When checking a previous rental reference one of the questions we ask is ‘Would you rent to the tenant if they wanted to rent back to you again?’ and ‘Did the tenant pay the rent on time, all of the time?’
These are qualifying questions that ask or an honest answer from any current or previous landlord or Real Estate agent.
2) Checking An Applicants Current Address
An indicator as to whether an applicant may in fact be a suitable tenant is to drive past their current address where they are residing (using information disclosed to you on the application form) and view how they are maintaining the outside of the property.
If the outside is generally maintained– then the inside will generally also be well kept. However if the outside is neglected and poorly maintained, this may indicate that the inside may also not be looked after (kept clean and undamaged).
3) Tenants With No History
Sometimes you will come across a tenant that has no references. It is important to find out why they have no history. Sometimes there are good reasons like they have always lived with their parents, or have owned their home.
Sometimes however they are hiding an unsatisfactory history where they may have been evicted. Sometimes it is best that if you are in doubt– it is best to say ‘no’.
4) Previous Behaviour Dictates Future Performance
Most things in life are generally not predictable. However human nature, in general is!
If you have an applicant that has just been evicted from a previous investment property due to poor performance (didn’t pay the rent or did not maintain the property) don’t be fooled into thinking that they will do the right thing by you! A bad tenant can only be a bad tenant, an average tenant can only be average, a good tenant can only be a good tenant (subject to a change in circumstances).
How they have performed previously will tell you how they will perform with you.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.