Landlords prepare. Silly season fast approaches! 😱
Recent history suggests that Wellington’s rental market is under some serious pressure...
With a shortage of rental properties and good levels of tenant interest, prices are being kept at a premium and finding rental property can be difficult for many tenants.
However, if we look further back, Wellington’s rental market should be sitting in a trough.
Through twenty-four years of rental history, November through to March is always the busiest time of year, largely accredited to an influx of students and the annual wave of lease expiration.
If history repeats its well-established pattern this year, it would be safe to say that tenants across the capital will be keen to secure superior quality property and the applications will come in thick and fast.
So how do you choose the best tenant for you? 🕵️
Is it who will pay the most, or are there deeper things that you need to consider?
You cannot make a second first impression...
When you put your property on the market for rent, only accept viewings from tenants who book in and try to introduce yourself to each tenant at the viewing.
When you meet that tenant, make a note of your first impressions of them.
Tenants who are late to viewings or didn’t book in should immediately be put to the bottom of the pile.
A tenancy agreement is founded on respect and if the tenant can’t show you the same respect you have shown them by turning up on time, you are already off to a bad start.
The way a tenant presents themselves too is often indicative of the type of tenant they are likely to be.
Personal presentation should go beyond the way a tenant dresses.
As the old saying goes, you should never judge a book by its cover.
However, their ability to hold a proper conversation, their mannerisms and the way they speak can all be considered to give you as the landlord an extremely detailed picture of the way that tenant is likely to behave in your property should they be successful.
Observe, be diligent and most importantly, trust your gut instinct. 🙏
A lot of landlords are well versed in the intricacies of tenant viewings and selection.
The items in this article will certainly not be new to them.
But what many landlords fail to appreciate is the importance of background and credit checks before allowing a tenant into their home.
Recent news further compounds the importance of making sure you are completely aware of who is going to be living in your property, both for the safety of yourself and others.
Most property management companies will be able to help you with background and credit checks as part of their procedures.
This further helps in building a picture of exactly who will be in your property.
Other things to consider are...
Criminal convictions: depending on severity, should be a strong deterrent whilst those with little to no references should also raise question marks.
Reference checks: are an essential part of choosing the right tenant and landlords should be conscious of family or friend references.
Look for tenants who can provide property manager, previous landlord or employee references and ensure to ring as many as possible before allowing someone into your home.
Complimentary to this, landlords should where possible walk their tenants back to their car.
A tenant’s car is often a great indicator of how they are likely to treat their property. 🚗
A car that is full of rubbish or is kept untidy is often likely to be replicated when they are a tenant in your home.
While a little clutter, is of course, acceptable and the property does not need to be pristine during the tenancy, those with seriously untidy cars are likely to live in a way that will inevitably cause damage to your investment and as such should be avoided.
Clean, respectful tenants are always the goal.
The last thing that landlords need to remember is that they are running a business.
A number of tenants often try to pull on the heart strings of their prospective landlord and this can cloud the judgement of landlords.
You must remember that it is a business decision based on which tenants will look after your property the best.
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