Three things that make a good tenant
When you rent your property to a tenant, you are entrusting them with one of your greatest financial assets, which makes proper screening an absolute must.
A good tenant will treat your property with respect, meet their financial obligations reliably, and ideally take as much pride in your property as you would as the owner.
So, what makes a good tenant and what qualities should you look for?
Financial and general stability are key things to look for in any tenant application. These indicate a person has enough funds to reliably pay the rent required and can also commit to a lease.
In addition to proof of current income, factors to gauge include length of time at previous addresses and employment history.
Although a prospective tenant may be new to the area or have recently changed jobs, looking at these factors helps ensure there is a general pattern illustrating the person is reliably employed, can settle somewhere for a reasonable period of time, and has the ability to meet their financial obligations.
A person’s rental history is a critical indicator of exactly how they behave when entrusted with a property.
Databases like TICA offer an insight into whether a tenant has been blacklisted for failing to pay rent or damaging a property, but reference checks also form an essential component of this screening.
Reference checks with previous real estate agents help determine how well a person has looked after a previous property and whether they paid their rent on time. They can also help illustrate whether that person reported maintenance issues when required, whether they were overly needy or demanding, and whether they cared for that property as if it was their own.
In addition, personal references from a prospective tenant’s associates or employers indicate what sort of character the tenant is and whether they are reliable, upstanding, and held in high regard.
This factor is a little harder to quantify, but a key indicator of a good tenant is general pride in themselves, their appearance and their possessions.
This is not about judging a book by its cover and it’s not about nett worth, but rather involves looking for clues into a person’s regard for themselves and items of value.
Akin to the X-factor, this is something that can often be determined when showing the property to a prospective tenant.
It’s about getting a feel for a person and encompasses a range of personal attributes including how approachable they are, how they carry themselves, interact, treat the property during the viewing, and more.
Basically, it involves looking for indicators that the person will treat your property as their home, will reside in it with respect, and has the nous to flag any potential issues before they become major problems.
The key takeaway
When you rent your property to a tenant you are forging a relationship that involves trust, good communication, and respect from all parties involved.
As a landlord you are trusting a tenant with your property, you are trusting the property manager to find the best person to reside in your home and you are trusting both these parties to ensure your property is well maintained and looked after financially.
It’s important to remember, the tenant is trusting you also. Your property will be their home, and their welfare will depend on your commitment to honouring the terms of the lease, respecting their privacy and tending to any maintenance that is required.
If you’re looking to secure a great tenant for your property and enjoy a relationship built on trust, our Eview property managers can assist.