Putting out your investment property on rent is tough decision because bad tenants can put harm to the rental property which in future turn out as a big expense. Repairing, renovating the rental property once the tenants left the property becomes an unwanted expenditure for you. Better to choose right tenants who keeps your property well up-to-date and in order. Those who pays rent on time and loves cleanliness. This can save you from unnecessary expenditures.
To decide the right rental price of the property and to know the actual market value of the property contact Brisbane Property Valuers. They will guide you well related to the property matters and saves you from future expenses.
Here in this post we are sharing the tips how to select the best tenant. So we have created a list of qualities a tenant should possess.
Good credit score and income – Investor or homeowner puts the property on rent to earn good monthly rental income what if tenant doesn’t pay rent on time? Definitely it becomes a thorn in the flesh for the owner. Choose the one with good credit score. For reference check the previous records of the tenants. Their history can predict the future. Also you can ask the tenant about their job, profile, working experience and income just to know their financial capability. Will they be able to pay the rents on time?
You can ask them for salary slips and good tenants won’t hesitate to share those details. Make sure the income should be three times the rent of the property. Then only renter can easily pay the monthly rent on time.
Stable – Good tenants are stable and love to have steady life. Stability indicates the reliability factor of the tenant. Stable tenants pay rent on time and stays for a long time in the same property. You can check their previous records of job and rental history. This would help you to know well about the tenants before choosing them. If you found they frequently switch from one property to another than they are not the right tenant for your property. Because choosing the renters who shifts the property fastly creates the trouble for the owner to find the new tenant every time and it requires time, energy and resources. Better to choose the one with longer stability.
Honesty and cleanliness – You may have heard -”Honesty is the best policy”. Yes, it should be in your tenant. Check their honesty by asking them some questions related to their job, previous landlords and try to investigate. If you find them honest them you should allow them in your property otherwise not.
Also, you should visit the place where they are living currently(if possible) just to know how they keep the rental property. It is important to choose the renter who keeps the property clean, neat and tidy. Otherwise in future being an owner you would have to face so much property related issues cause of a bad tenant.
Make sure your tenants should hold these qualities. Even you should hire a Brisbane property Valuations to know the rental value of the property. For best property valuation services contact us.