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Leasing property is a great way to earn an income, but it also has its own set of associated risks. The greatest of these risks is a defaulting tenant who can end up costing you a fortune as a property owner/landlord in terms of rent defaults and legal fees to get the tenant evicted.
Selecting a suitable tenant is the key to the success of any rental property. Engaging a reputable rental agent is one of the ways to ensure that the selected tenant will be the best fit for your property.
If you decide to go it alone, here are some pointers on key considerations in choosing the right tenant for your property
Create an Attractive Online Listing
The first tick box is to ensure your property is up to scratch and well maintained. A property that is well maintained and nicely presented is more likely to attract people who embody those same qualities.
Go to www.property.co.zw and create a detailed listing with clear photos with good lighting. Our listing portal gives you access to the right audience from which to select the best tenant for your property.
Set the Right Rental Criteria
Before starting your search for a new tenant, it’s also important to set some criteria to follow when deciding on the final candidate.
How much income does your tenant need to make to afford your rent price? Does he/she have a history of paying rent on time? Do they seem to be friendly and easy to work with?
Asking yourself these questions will make your tenant screening process more effective.
Detailed Lease Application Form
A detailed lease application form will help you answer some of the above questions. On the form you can add more questions for prospective tenants to provide information such as their employment details and contactable references. Tenants can also be asked to provide supporting documents which would include a copy of their identity document, salary slips, and three months’ bank statements to verify employment and affordability.
Conduct Credit Checks
When advertising your rental property, clearly stipulate that each tenant will be vetted and will need to go through credit checks before any rental agreement is concluded. This will have a significant impact on the number of potential tenants who decide to view the property, which can save time and ensure the most suitable fit.
Comprehensive Lease Agreement
After a suitable tenant is selected, it is imperative that a comprehensive and legally-sound lease agreement is drawn up, which stipulates all necessary conditions in detail. The terms of the agreement must be agreed upon and signed by both parties.
The process of securing a reliable tenant can be a laborious task, which is why many prefer to outsource the job to experienced professionals. Not only will this save you time, but it will also minimize risks, professional agents are better equipped to properly vet tenants.
