Selecting Good Tenants

One of the most important areas when considering a property investment is the selection of a tenant. It is not always advisable to select the tenant who offers the highest rent.

It is important to carefully check references with current and previous Agents or Landlords, employers and accountants. It is also a good idea to check a tenant's credit history through the Credit Reference Association to ensure that the tenant has not left a previous rental property damaged and / or owing money. Taking out a landlord insurance is also a good idea.

It is important for tenants to thoroughly inspect the property and ensure that the Condition Report is as accurate as possible on the condition of the property's state. Make sure that your leases are all legal and above board, so that you'll be in the right if a tenant violates the terms. Carry out repair work promptly. Provide your tenants with a list of preferred plumbers, and electricians that you are happy for your tenants to contact in case of an emergency.

Tenants deserve respect and privacy. Give them plenty of notice before you conduct inspections. If you have any disputes, try to resolve them calmly through your property manager, or an independent mediator. The small claims court is an option for reclaiming unpaid rent or other costs.

Another option is to choose a good property rental agency. You want a reputable company who will do the best by both parties.

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Published on October 10-th, 2008 in Property Investment
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.