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Now that you know to successfully market your property and increase your chances of getting a rental price that is higher than the market, it’s time to look at one of the most important aspects of renting out your property.
And yes, you guessed it; it involves getting the right tenants for your property.
There is no point putting in the work to ensure your property meets all the necessary standards, looks great and has prospective tenants bidding with each other in order to move in, only to shoot yourself in the foot by selecting the wrong type of tenant. Thankfully, by following my advice on choosing a tenant, you can save yourself a lot of stress and inconvenience.
The first thing you must do when starting the tenant selection process is to get references. Think of choosing a tenant in the same way you might hire an employee. Get in touch with their current landlord or managing agent to find out what type of tenant they were at their last home. However, it is worth noting that their referees might give them a glowing reference in order to get them off their hands! For that reason I recommend contacting their previous landlord as well as they will have nothing to lose when it comes to giving an honest appraisal of your prospective tenant.
All it takes is a quick phone call and you will have all the information you need to make a decision.
While some people might consider contacting other landlords a chore, the information that can be gathered is priceless so make sure you take action on this tip.
While obtaining references will tell you if they are trustworthy and reliable there is another check you must carry out in order to properly vet any potential tenants. Standby for the next blog where the details of that check will be revealed.