While there are many factors which influence the work a landlord undertakes, the importance of finding the ideal tenant cannot be overstated. With a respectful tenant who pays on time and who cares for your rental property, being a landlord is a more manageable activity.
However, with the wrong tenant in place, being a landlord can become a nightmare proposition. At Just Lets Peterborough, we can help you find your ideal tenant.
Choose a fair rental fee
The importance of setting a reasonable rental fee cannot be overstated when it comes to finding your ideal tenant. While some people advocate choosing the average price for your local area, this may not accurately reflect the quality and condition of your rental property.
It is vital to work with a local letting agent who knows the local market, and who has a good idea of what local tenants are willing to pay for rental property. Having your property valued by a local agent, and then making an informed decision based on the audience you wish to let to makes sense.
Some landlords are uncomfortable with the thought of reviewing a person’s finances or background. Unfortunately, if you want to find your ideal tenant, you need to vet tenants. If you are unable to take this step, you must choose a professional to do so for you.
The vetting process should look into an applicant’s credit history, their current finances and whether they are likely to afford the rental fee each month. You might also want to consider the applicant’s background, requesting references from previous landlords or current employers.
Know what sort of tenant you are looking for
Not all tenants are the same, but if you want to narrow down your options, it helps to focus in on a demographic. When you have a type of tenant in mind, you can present the property to their tastes, and you can target your marketing to connect with them.
Examples of groups include students, young professionals, families or elderly couples downsizing. These are all potential tenants, but they are likely looking for different things from a rental property. How you present and promote your property helps you appeal to a select group of people, and this can help you reach your ideal tenant.
Have a robust tenancy agreement
A tenancy agreement is vital, and the tenant must read it before they sign. A contract should be fair, but it should be forthright, and you should detail the consequences of a breach of the agreement.
When a tenant knows the consequences of breaching a tenancy agreement, they will be more likely to follow the guidelines. This should help you manage your rental property, and minimise repair and maintenance costs.
Review your options in selecting a tenant
Landlords want to avoid void periods, but this doesn’t mean you have to accept the first application you receive. If you are fortunate enough to receive a range of applications, take your time and choose the application which is best for you, and the rental property.
Waiting a few more days in selecting a tenant may cost a small amount of money upfront, but it can save you a considerable amount of time and money in the long-term.
We are here to help you
If you are a landlord in or around Peterborough, and you need assistance in finding your ideal tenant, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.