Finding the right tenants will save you time and money and avoid potential problems. You can find the type of tenants which suits your property best and, therefore, avoid bad tenants or the wrong ones. Here are some tips for finding the right tenants.
Picking the Right Personality
Take a clinical look at your property and picture who would be best living in it. Is it suitable for families? Is it more for professionals? Does it have a student feel to it? Then look at the location to see if that is suitable for your chosen personality. Good commuter links are important for professionals. Families will be looking for schools and shops, while students might want fast Wi-Fi and to be able to walk to college. Once you know the type, then you can market your property properly to attract them.
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Do Thorough Background Checks
Your property is a huge investment, and so you want to ensure things go well. Take up the right references and make sure your potential tenants will be able to afford the rent. Ask to see bank statements for the past three months at least. Ask about their employment and get a reference from the boss.
Getting the Paperwork Right
Make sure you get the deposit money and rent in advance before handing over the keys. Also, you’ll need to draw up a proper contract, carry out ID checks, take up references, do the inventory, fill in check-in and check-out reports as well as make sure gas and electricity certificates are in place and up to date. Get everything signed and agreed with the tenant. You can also use photographs as evidence of the condition of the property, fixtures and fittings. There is a lot of administration involved, and you may want to consider using a letting agent or property management company to handle it for you. A company such as http://www.completepropertygroup.co.uk/property-block-and-estate-management/ will be able to help with block management services, for instance.
Trust Your Instincts
If something doesn’t feel right but everything seems to be in place, trust your gut feeling. Otherwise you could have niggling doubts until the tenancy expires. You need to be able to work with the tenant, so make sure their character and personality feel right to you. It is always better to play it safe.