A common problem any landlord will face, is finding a good tenant. Good tenants will vary and majority of the time, landlords will have different criteria for tenants. Some are looking for student others maybe working professionals. Regardless, it is good to know what can help in finding the right tenant for you.
These are the some tips on attracting the right tenants to your property!
What Is Your Ideal Tenant?
It is always good to have in mind the type of tenant you are looking out for. Are you looking for short term or long term tenants? Or maybe you are looking for working professionals only? It is up to you to finalise the criteria you are looking for, which will help in the posting of the property.
Always be honest with your preference for tenants, working adults or students are welcomed too. For example, if you are looking for working adult to rent out your property but a student picks it up, don’t be to quick to shut them off.
Let them know your terms for the rental and if they can promise to go by the rules, why not give it a shot. You may never know if you find a great tenant by giving them a chance to meet up to your rental terms.
What About Non Traditional Tenants?
Sometimes when it comes to renting out a property, there are some tenants who are not traditional. Which means, that they may not be using the property just for staying and making it a home. In some cases, houses get rented out for the purpose of being used as an office space.
Start-ups are usually very common to this arrangements with landlords. Although it may not be the most common practice, it is still however a fast growing trend. So keep an eye out if companies who are looking for alternative spaces to be used as an office.
The key to renting out your property is of course to understand that sometimes you may need to go with a different strategy. You may actually come to realise that renting the property for business purposes to be more profitable too.
Refurbish, Redecorate Or IKEA-fy Your House
If a property is well maintained and fully furnished, you can be sure that a tenant is willing to pay slightly more because it is move in ready. Even if you may need to invest a little money in the beginning, in the long run, the profit from the rent will pay it back in due time.
A little of change like having a working kitchen can change the type of tenants looking into the property. However, make sure you know the demographic of the tenants you are looking for, if you are looking at catering to students, their needs may vary from a working professional.
Screen Your Tenants!
This is the crucial part, when you shortlist the tenants you have in mind. Always screen them before sealing the deal. Simple background checks such as checking their social media can do wonders in gauging if they are the right fit. Make sure to meet them in person, it is always better to get to know them beforehand.
It may seem like hassle attract the right tenant but don’t worry you will reap the rewards in no time. The easier and hassle free way of course is to go with SPEEDHOME!
Yup, SPEEDHOME will help you from A to Z and will even screen tenants for you! Not only that, your property will be insured for any damages that may have been caused during the duration of your tenants stay. Even if your tenant runs off mid way,
SPEEDHOME will pay you 2 months rent, so you can have ample time to find a new tenant.
Easy right? So what are you waiting for, download the app now!