It’s likely that you will receive a number of applications for your property from prospective tenants, but how do you decide who is the right tenant for your property?
There are two questions that every owner should ask themselves
- Can they pay
- Will they treat the property with respect
While it may seem obvious who the right candidate is based on answering these questions, it’s worth considering the following scenarios:
1. You are deciding between a single high paid lawyer, or a young professional couple with modest income, but both of whom are employed – who do you pick? Most people would say the lawyer, as the high salary can provide you with a higher return on your property. However, it is worth considering that the rent you have requested is likely to be the same in both instances, and should the high paid lawyer lose their job, they will no longer be able to pay. The couple, on the other hand have two sources of income, and in the event that one loses their job, the other can still pay. This will mean you will not incur any inconvenience or loser of rent. Now, this may not be the correct answer in every situation, but it is certainly worth thinking about as you make your decision.
2. Your applicant presents very well on paper. A secure job for several years, a solid bank balance, and has been pleasant to deal with over the phone. However, when you start to dig a little bit deeper into their references and make a phone call to a past landlord, you find out that they were often late to pay their rent and in fact did not get their bond back in their previous rental due to damage to the property. It is worth considering that even when you think you have the right person, a more thorough check may prove that they are in fact not the right person to have in your apartment. We recommend that you take the time to make a few phone calls and ask some of the critical questions of references e.g. timely rent, period of employment, quality off character etc.