Selling guide
How to choose the right tenants for your rental property
There’s an art to selecting the right tenant.
Last updated: 7 May 2024
Finding the right tenant is more than just business, it's also an investment in peace of mind. But how can you be sure you're making the best choice? We wanted to share our top four tips to make finding the right tenants less stressful for self-managing landlords like you.
A responsible and respectful tenant can mean the difference between a smoothly-run rental operation and a series of headaches ranging from late payments to property damage. But what is the ideal tenant for your property?
1. Identify your ideal tenant
Before you dive into advertising your property and sorting through applications, it's crucial to have a clear understanding of your ideal tenant. This goes beyond simply wanting someone who will pay rent on time and take care of your property. An ideal tenant should also align with the specific features and location of your rental. Here are some factors to consider:
Property type
Are you renting out a fully furnished apartment, a family home, or a cosy studio? The type of property you own can attract different types of tenants, such as professionals, families, or students.
Location
Consider the surrounding area. Is it a busy city centre that might attract young professionals, or a suburban area more suitable for families?
Lease terms
Are you looking for a long-term tenant, or is your property more suited for short-term rentals? Your ideal tenant should align with your preferred lease duration.
Think about what type of tenants your property will appeal to.
2. Create a property listing that resonates with your target audience
Your listing is often the first impression potential tenants have of your property, so you want to make it count. Here's how:
Use high-quality photos
Photos are often the first thing people see and can significantly influence their decision. Use clear, well-lit images that showcase the best features of your property.
Here are some top tips for taking great photos of your home.
Write a captivating headline
Your listing headline should grab attention and convey the most exciting aspects of your property. Is it the location, the amenities, or perhaps a recent renovation? Highlight these.
Tailor the language
Use language that will appeal to your ideal tenant. If you're targeting young professionals, highlight proximity to public transport or coworking spaces. If it's families, mention the quality of nearby schools or parks.
Be transparent
List any requirements you have, like maximum occupants and minimum lease term, to help pre-screen applicants before they get in touch. This will save time for both parties involved.
If the task of crafting the perfect listing feels daunting, don't worry. Our platform can help you create a listing description in seconds using basic information about your property and some extra information you provide.
3. Don't skip the tenant interview
In an age where technology can provide us with a plethora of information at the click of a button, it might be tempting to skip the 'old-fashioned' method of a face-to-face interview. However, interviews or conversations with potential tenants offer a real sense of who your applicants are.
An interview isn't just about verifying information already provided; it's an opportunity to go deeper. How well do they communicate? Are they courteous? Do their future plans align with your leasing terms? Even subtle indicators like punctuality or how they speak about past landlords can offer invaluable insights into their character and reliability.
This 'extra step' can make all the difference when making your decision.
4.Trust your instincts but validate them
There's something to be said for gut feelings. Sometimes, instincts can provide an immediate sense of whether a tenant is the right fit for your property. However, your instincts shouldn't be your sole determining factor. It's essential to validate these instincts with concrete evidence to make an informed decision.
After your initial meeting, take the time to go through the tenant's application, background check and references. Does their credit history raise concerns? Are there any 'red flags'? Applicants may not always be completely honest or forthcoming in their rental applications. Tenant checks are essential for verifying the accuracy of the information provided.
Finding the right tenant is easy with the right tools designed for self-managing landlords like you. myRent provides the easiest and fastest way to advertise your property, screen tenants and create a compliant tenancy agreement all in one simple platform. Get Started today.
The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not, and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
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