Ensure you never miss an issue of the
real estate business bulletin
How to choose the best tenant

How to choose the best tenant

by Cindy Knight 0 comments

Making the right choice of tenant for your rental is almost as important as choosing the right property. Good tenants play a vital role in ensuring your clients' peace of mind – and they’re not always easy to find.

Here’s a scenario. Imagine you own a business. You know how important it is to have quality employees who care about the business and who make an effort to ensure that it runs smoothly. A high staff turnover is detrimental to the success of the operation – and you certainly don’t want lengthy staff vacancies.

The same goes for rental properties. It’s a business and your tenants are the employees, so it’s imperative that they are top quality, that they take their responsibilities seriously and that they’re committed to the long term. 

Here are some key tips for tenant selection that will help you find quality ‘staff’ who are reliable, motivated and committed to working with you to protect your portfolio and brand. 

  1. Screen prospective tenants carefully and thoroughly

Strict screening is absolutely essential if you are to find the best tenant for your property – and it’s not easy to do this on your own, which is why landlords enlist the services of professional property management companies that have the experience and expertise when it comes to screening potential tenants. Ensure you use various screening techniques such as investigating tenancy databases to identify quality tenants with a proven track record.

  1. Contact their references

Many landlords have made the wrong choice of tenant simply because they didn’t follow up on references. Unscrupulous tenants may even falsify testimonials to secure a property – and the losers are generally the landlord and property manager. It does take time to personally contact referees and check that the information provided is correct, but it’s an important part of the screening process and an absolute necessity. It’s one of the reasons that many landlords choose to list their properties with property management companies, because they know that the screening process will be thorough and that only quality tenants will be accepted.

  1. Find out why they want to rent the property

Understanding someone’s motivation for renting can be an important pointer as to whether they will be a quality tenant or not. People with long-term employment contracts, who work in the area or whose children go to the nearby school are more likely to be solid, reliable, long-term tenants than someone who is looking for interim accommodation before buying their own home or switching jobs. 

How to choose the best tenant
lawyersweekly logo

Cindy Knight is the general manager of Time Conti Sheffield in Victoria Park, Western Australia. Cindy has been working at Time Conti Sheffield since 2002 and during this time has seen many changes in the property management industry in Perth.

Cindy is passionate about delivering the best service to every property investor that walks through the doors of Time Conti Sheffield and her insider knowledge of the local real estate market means she is an expert in her field.

More articles from this author:
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?