The following shared video was put together to help any landlord or property manager who has a property to let, and would like to fill the vacancy with the best possible tenant.
This is the first of 4 property manager videos designed to help landlords get new tenants more quickly, find higher rents, and thus get a better return on their investment.
6 STEPS TO FINDING THE PERFECT TENANT
Our narrator begins by providing us with the following six-point checklist:
Tip 1: Find a Suitable Tenant.
As the landlord or property manager, you first need to work out a "profile" for identifying the "ideal tenant". This goes beyond simply finding the first tenant who says yes. Basically, you will want to make sure that any prospective tenant will "fit" into the property and neighborhood. You should take into account not only the prospective tenant, but also the type of neighborhood. When you have a property to let, the type of neighborhood that your property is in can go a long way towards identifying your ideal tenant. From there you can begin to organize a checklist based on the profile of a tenant that best suits the property and location.
Tip 2: Get an Accurate Rental Valuation for Your Property.
For example, you could begin by consulting letting agents or management companies. Make sure to avoid companies that do a quick scan of the market, and base the valuation on average rentals for the area.
Tip 3: Adhere to Landlord Regulations
Landlord property law is changing all the time. That is why it's important that you understand and take care of your landlord responsibilities. This may seem like a lot of hassle and inconvenience, but you will be liable for fines and penalties if something happens and you are not complying with regulations.
Tip 4: Always Accompany Prospective Tenants when They Visit the Property.
Accompanying your prospective tenant will enable you to answer any questions they have, and hopefully get them signed up more quickly.
Tip 5: The Contractual Paperwork
In any "property to let" situation, it is important that you have a comprehensive tenancy agreement. This will help to protect both you and the tenant. Once you have this, you'll want to get the contract signed and returned with a deposit, before the tenant moves in. For those living in the UK, this is a service that can be facilitated by qualified letting agents.
Tip 6: Prepare an Inventory of the Contents of the Property.
The two main elements involved here are the "Contents & Condition". As the landlord or property manager you will want to adhere to this final step in due diligence. Before handing over the keys, you should have a prepared checklist of any and all contents that were already present within the property to let. Then go over this checklist with the tenant, along with a walk around of the property to note details with regard to its condition. This way the tenant clearly understands the property contents and conditions that will be expected upon the end of their tenancy contract.
WHAT IS A LETTING AGENT?
Note: "Letting agents" is a United Kingdom term for facilitators through which an agreement is made between a landlord and tenant for the rental of a residential property. In the UK the agreement between the landlord and tenant is normally formalized by the signing of a tenancy agreement. A letting agency will normally charge a commission for their services, usually a percentage of the annual rent.