How to Choose the Right Tenant for Your Residential Investment Property

Author: Let's Rent Team, May 6, 2020

Oh yes – the stakes can certainly be high when it comes to finding a tenant for your rental property. The right tenant means reliable payments and minimal maintenance. The wrong tenant can lead to missed payments, or even your property being trashed. It’s simply not a process you want to get wrong. That’s why our residential property managers in Sydney have a defined process for finding the right tenant. Here’s how we go about it.

Advertise the property in the right places.
The first step is to get the right eyes on your property listing. We achieve good results with listings on realestate.com.au, DOMAIN and our website. A listing should include a clear and enticing description, together with professional, well-lit photos that give a true sense of each living space. Outlining the features and lease terms in the listing helps to develop a suitable tenant pool at this early stage. At Let’s Rent, we use virtual furniture if a property is vacant which gives a sense of size and identifies each room.

Maintain clear communication with potential tenants.
Everyone deserves to be kept in the loop while a property is being rented. We require all potential tenants to register before they see the property, so we can keep them updated throughout the process. This also gives us the chance to update you on the level and quality of interest for your property, and where it fits in the market for rental properties in Sydney.

Engage and speak with potential tenants.
We find that one of the best ways to determine whether a tenant will be right for your property is to engage with them, both at the viewing and over the phone. This can provide a wealth of information that might not be outlined on their application.

Really, truly conduct reference checks (we mean really).
It’s both surprising and disturbing how many investment property managers in Sydney will skip through the reference check process for the sake of efficiency or from pure laziness – but it’s such a crucial step. We check with the national tenancy database for any outstanding matters against the applicant, and we actually pick up the phone to check employment tenancy and personal references. Once more, an actual conversation reveals far more context than an email can.

Make an informed decision.
If you’re renting your property out with our team, here’s where we provide you with the details so you can sign off on your new tenant. We’ll provide you with a summary of the potential tenant’s background and provide our observations. Armed with this information, you can make a fully informed decision and sign on your new tenant with confidence.