How to Get the Best Tenants When Letting a Property

Locating high quality tenants to rent your property can often times be frustrating. Landlords often cannot afford to have a unit left vacant for a significant period of time. But to have the best tenants possible, they also do not want to rent to the very first tenant who shows interest in their property either. There are a number of things that a landlord can do to find the best tenants when letting a property.

Have Criteria for Tenants

One of the most important things about letting a property is to have specific criteria that you require for all of your tenants. This could be income requirements, credit history, rental history, or based on the results of a background check. By not having a minimum standard that you are looking for you will most likely get a lower quality of tenant than if you followed strict criteria. When using a letting agent, they should also be familiar with this criteria as well, and comfortable with looking for tenants who meet this criteria on your behalf.

Understand Your Location

By understanding your location and the surrounding community, you are able to know exactly what type of renter your property can appeal to. If your property is in a higher priced neighborhood, you can seek a tenant who makes a higher income. But this also means that you need to provide them with the same quality of a unit to rent as other properties in the neighborhood. If your property is not up to the same standard as the surrounding options, consider updating it to be with the same standard as the other properties, or be prepared to attract a lower quality of tenant.

It is Okay to Say No

You do not have to accept every tenant who applies to rent your property. If they do not meet the criteria you have already set up, do not budge on your decision. Instead politely decline the applicant and move on to someone else. This is an additional benefit of having a letting agent or property manager handling the process of selecting a tenant. They handle all of the showing of the property, processing of applications, and making sure the applicant meets the predetermined criteria you set forth.

 Consider Using a Letting Agent

Lastly, consider using a letting agent. One of their primary jobs is to locate high quality tenants. They are familiar with the properties in the area and the prices for these units. They will be able to advise you on what your unit can bring in, changes you might want to consider making, and also handle the process of locating tenants and collecting rent on your behalf. They can also can work on your behalf to manage the property if you prefer, making your job as the property owner much easier. In addition, tenants who use a letting agent often expect their property to be of a higher quality, which will also attract a higher quality of tenant. If you have multiple properties, consider starting with having a letting agent oversee one of them to see if you see an improvement.

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