Check out these five tips for choosing and vetting your tenants

If you've invested in a residential rental property or received notice from your tenants, you're now set to search for the perfect tenants to entrust with your property.

Mindful of the negative tenant stories often highlighted in the media, you understand the pivotal role of this phase in ensuring a smooth and stress free tenancy experience.

The selection process must be thorough, systematic, compliant with legal standards, and approached with a practical mindset. Here are five tips to guide you in selecting and vetting your tenants.

Take your time

If you're in a hurry to prevent a gap in tenancy, you may feel inclined to accept the first applicants who show interest. This rush can result in making quick decisions and feeling pressured to settle before starting. Plan ahead well before your current tenants move out to avoid this scenario.

Involve your current tenants in showcasing the property to potential new renters. You can motivate them with small rewards such as a few bottles of wine or a dinner at a nearby restaurant in exchange for their assistance in filling the vacancy promptly.

Be ready for the worst possible outcome

Despite implementing a thorough screening process and adhering strictly to the guidance provided here, it is possible to have tenants who may not meet all expectations in your rental property.

Familiarising yourself with your rights as a landlord and having support resources available to manage challenging tenants are vital components of the rental journey.

While landlords should make efforts to address tenant issues promptly before they escalate, there are instances where solutions may necessitate eviction or at least issuing a formal warning.

Engage a retail real estate leasing agent to understand your legal rights and obtain practical tips to handle the worst-case scenario.

No record of previous evictions

Evictions serve as a significant cautionary signal for a potential tenant, providing a strong rationale to decline renting a unit to them. In a challenging housing market, landlords may contemplate leasing to individuals with eviction histories to address occupancy challenges.

However, when maintaining optimal occupancy levels is not a concern, it is generally advised to steer clear of tenants with prior evictions, especially those with multiple evictions. The potential complications that may arise often outweigh the benefits of accommodating such tenants.

Good communication

Assess the communication effectiveness of prospective renters when interacting with them, guiding them through property viewings, and discussing applications and pertinent information.

A candidate who responds promptly and adeptly manages phone calls, text messages, and emails will likely be an ideal tenant.

Effective communication stands as a cornerstone of the tenant-landlord relationship. Once a tenant occupies the property, seamless and rapid communication becomes essential for maintaining a responsive and cooperative rental partnership.

Strong first impression

A tenant who presents professionally, dresses appropriately, responds promptly to communications and submits an application will likely be a favorable tenant.

Conversely, a prospective tenant who proves challenging to engage with leaves a negative impact and shows a lack of dedication in the application process may raise concerns about being a problematic tenant.

By merging your overall assessment of a renter with the mentioned criteria, you can confidently arrive at the correct decision.

Endnote

While there are no certainties in finding the perfect tenant every time, ensuring that your applicants meet all your criteria and conducting thorough due diligence on each applicant can enhance the chances of selecting the right tenants for your rental properties.