A good tenant keeps the process as stress-free and profitable as possible for the landlord. But finding quality tenants can be a challenge. There are many ways of going about this, but here are 3 qualities we think every dream tenant should have.
A good tenant keeps the process as stress-free and profitable as possible for the landlord. But finding quality tenants can be a challenge.
There are different ways to go about finding the best renters for your investment property. Knowing what to look for is a good starting point. To help you out, we have listed some of the key indicators of a great tenant.
Why can it be hard to find a good tenant?
Everyone has different habits and traits. These can influence their rental history and their capacity to rent. It can also impact the state of the property at the end of the lease, so naturally, there is a lot to think about and consider.
Without question though, making an effort to find qualified tenants is worth the effort. It removes the worry of having a careless stranger living in your property, and ultimately you can avoid the stress and costs of potentially having to evict problematic tenants!
The 8 qualities of good tenants
The best tenants can make the life of a landlord so much easier. They will usually pay on time, treat the property as their own, and respect the wishes and requests of the landlord. Below is a list of qualities to keep in mind when assessing applications from prospective tenants.
1. Provides a detailed application
The best tenants meet their obligations from the start. Their application is fully complete with referees’ contact info and other paperwork. This saves you from chasing up details and going back and forth for information.
2. Good rental history
Every landlord wants to avoid nightmare tenants. They can start by checking a tenant’s rental history. For one, they should not be blacklisted on tenancy database lists, meaning they have not been reported for problems with previous properties. Hopefully, you will be able to see that they have not been evicted for damaging property or not paying.
A landlord can also see if they have stuck with the terms and conditions of their leases. This will allow you to know if the potential tenant understands their responsibilities and treat their rental with respect. Excellent references will undoubtedly show they are reliable and trustworthy.
3. Looks after the property
You save a lot of headaches when the tenant looks after the property as if it were their own. These types of tenants will take care not to damage the property, do basic maintenance like tending the garden and even cleaning the air-conditioning filters. In other words, they help keep the property in good condition.
This can prevent issues like mould, mildew, and termite infestations, but it also means they are likely to point these things out sooner rather than later, giving the landlord time to rectify any issues. It can make inspections a whole lot easier and save you on significant maintenance and expensive repairs.
4. Pays on time
This almost goes without saying: a dream tenant is someone who always pays on time. Because of the ongoing costs of investing in real estate, you will want your investment property to generate a reliable, consistent income. The last thing you want to be doing is constantly chasing up payments or even having to evict a non-paying tenant!
Timely payments prevent disruptions to your budget or financial plan. Rental history, stable income, and employment status can be good indicators of a tenant who pays on time.
5. Communicative and responsive
Great tenants communicate and keep you updated. If maintenance issues arise, they let you know before the problem gets out of hand. As a result, you end up saving on repairs and replacements.
These tenants are easy to check in with. They respond to your emails and calls quickly, and answer your questions without making a fuss.
6. Honest and accommodating
Good tenants are transparent and honest. They do not have secret friends who are not on the lease living with them. They let you know about issues quickly rather than hiding them.
High-maintenance tenants can be costly and time-consuming to deal with. The best tenants are understanding and reasonable. They are not constantly complaining about non-existent problems with the property.
Also, they will do their best to give access to you or the property manager during inspections. They do so without inconveniencing you or making it hard to set an agreeable time.
7. Follows terms and policies
Dream tenants follow through on their obligations. This includes lease terms and conditions and tenancy regulations. For example, a good tenant will not have a forbidden pet on the property.
They take care to avoid property damage that you have to repair. They also won’t alter the property without permission, for example, painting a wall, or mounting a shelf. And who could forget, they also won’t party and disturb the neighbours all the time!
8. Renews the lease
Good tenants stay with you for the long haul. If they keep renewing the lease, you will save time and money as your property will not be sitting vacant for weeks or potentially months.
Careful screening can help you find long-term tenants likely to renew. It is a two way street, and a landlord can keep them happy by addressing issues quickly, and communicating effectively as well. When there is a respectful relationship, both parties will benefit.
The right fit for your benefit
Good tenants can be hard to screen for. However, they give you a positive rental experience as a landlord. The key takeaway is not to take shortcuts when looking for new tenants! Take time and make an effort to source the ones who will save you money, effort, and stress. The good news is you can outsource all of this to an expert. Find a good property manager who can do the job for you.
LJ Hooker has been voted Australia’s number one real estate brand. Our property management team is waiting to assist you. We offer you experience alongside excellent market knowledge that helps make the property management process as smooth as possible.
A little help from the team at LJ Hooker can be invaluable when it comes to finding a tenant for your property. Our expertise sees us finding a new tenant for our landlords every 3.23 minutes! We also ensure you are compliant with changes in the law.
Contact our friendly team now for more info about our property management services or click here to get a free expert rental appraisal with an LJ Hooker property manager. We will help you maximise the potential of your investment property.
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