You've secured the finance, signed the papers and you now own your first rental property. The next step in making it a worthwhile investment is renting it out to tenants. But what's the best way to find good tenants? Here are a few things you should keep in mind.
A simple piece of advice but one that can't be underappreciated – to attract a good tenant you're going to need a good property. This is not to say that it has to be flashy or expensive, just that it has to be of a nice liveable standard. If there are renovations to be made, make them before you look for tenants. Moving into a house that you know is going to have building work done in the future isn't a particularly appetising proposal. If you get it done before potential tenants come looking, the right ones are all the more likely to want to move in.
If your property is tidy, in a great location and the rent isn't too high, it's likely you'll have many applications to deal with. While sorting through them all can be a time-consuming task, having a lot of choice is always a plus. That way you're able to set your standards a bit higher, instead of having to accept any application that comes in.
Once you've done a preliminary screening, you should call all of the references your applicants provide, the most important being their previous landlord. This is the only way you'll be able to get a sense of what kind of tenant they'll be before you sign them on.
If you're a busy person that doesn't have the time to find tenants yourself, a great option is to hire a property manager from Ray White. Marketing the property, attending to enquiries, conducting viewing appointments, processing applications, signing up the tenant – it can all be handled by our crack team of property experts. And because we deal with so many rental properties, we have the kind of experience that you can trust.
Have you recently purchased rental real estate in Bunbury? Looking for a reliable property manager to handle the day-to-day? Get in touch with Ray White today to hear more about what we can do for you.