When it comes to renting out a property, it pays to invest time in finding the right tenant. Good tenants will pay rent on time and leave your property in a good state when they move out. So how do you find them?
Get your house in order
Before you start, make sure your property is clean and presentable. Don’t cut corners on
maintenance and upkeep. If the property looks cheap and shoddy, you’ll attract tenants who will treat it like a mosh pit rather than a high spec home. Remove clutter and ensure communal entrances are tidy. This sends potential tenants a signal that you, the landlord, can be trusted.
Get the price right
It’s tempting to go for broke and try for the highest price you think you can get. But you don’t want to price yourself out of the market. Every week your property sits empty, is a week without rent. Research the local market to find out what similar properties are achieving – and keep your expectations real.
Target your marketing
Identify your target market before writing promotional material. Don’t just mention bathrooms and bedrooms, include features like storage and parking if they’re on offer. Remember, you’re not just marketing a property, you’re selling a lifestyle. If you’re targeting young professionals, mention nearby restaurants and cafes, and transport links. If you’re aiming for families, talk about local schools (especially if they’re outstanding), parks and leisure facilities.
Streamline the viewings process by screening people first. Ask potential tenants to fill out a Rental Application Form before you arrange to meet them. This form should cover the applicant’s current address, place of employment and references. (You’ll find templates online.) Once you have this information, verify it’s true. Make a few phone calls (ring their place of work, for example) and do a little snooping on social media. If their socials reveal they’re headbanging party animals or breed fighting dogs, don’t bother with a viewing. But wait there’s more If you think you’ve found a suitable tenant, there are two more things you must do.
Run a credit check (there are lots of companies online who do this) and a Right To Rent check. The latter is something you are required to do by law if you are in England. It ensures a person has the legal right to live in the UK.