Once you've purchased an investment property, completed any renovations that need to be done and prepared the property to be lived in, it's time to get excited: your investment is about to start bearing fruit. There's just one more thing you have to do - find a great tenant. The CSi Property Group takes a deep dive into what goes into finding a great tenant and all the advantages of using a rental agency.
Ways to find prospective tenants
One popular way to find tenants is through word of mouth. In other words, your friend knows somebody who's looking for a new home and they become your tenant. There are various disadvantages to this approach - mainly in terms of the awkwardness that can develop between you and your friend if there are issues between you and your tenant later on.
Another method of finding a tenant involves advertising your property on online portals like Facebook and Gumtree. The challenge with this approach relates to the care that you would need to take in vetting the prospective tenants.
The safest way to find a tenant who will take care of your property as though it was their own is to use a rental agent. While there will be a small fee for this service, you get the advantage of a property practitioner's years of experience and knowledge of how to find you truly great tenants.
Documents and checks
Before you can seriously consider letting someone move into your property, there is an array of documents that you need to have in your possession:
You'll also need to verify that the information you've been given is true. This means doing some online research to ensure that their employer is legitimate and then phoning the company to make sure that your would-be tenant works there. It also involves contacting previous landlords to find out whether they paid their rent timeously and looked after the properties entrusted to them.
5 quick reasons to use a property practitioner when finding a tenant:
The CSi Property Group has years of experience in helping landlords find the calibre of tenants that will help them pay off their investment properties and reach their financial goals. Contact us today and let's find the right tenant for your investment property.