After buying your investment real estate in Surfers Paradise, the next step is finding the right tenants for your portfolio. If you're inexperienced as a landlord, this could be a daunting and difficult process. After all, you don't necessarily have experience in asking the right questions and sorting through a pile of potential candidates to find the most suitable for your needs.
However, there are a number of things to keep an eye out for that can be indicative of a great – or not so great – tenant. Here are some tips to help you sort through your potential tenants and lock in the best one possible.
Straight off the bat, you'll need to be digging into a person's application and personality from the first meeting. This involves reviewing their application and taking note of details like how many previous landlords they've had, how long they stay in properties for and whether or not they're forthcoming with this information.
This means asking the right questions. For example, asking them why they're moving in the first place is a great place to start. If they were evicted, probe further to find out the reason why. This could make or break their application early on, so getting these big questions out of the way can help you weed out the unsuitable candidates as soon as possible.
Furthermore, asking them about their current employment situation is a must. If they aren't gainfully employed, this could cause problems in the long term with regards to receiving rent in full and on time regularly – something you'll want to avoid when it comes to your investment income.
Pets are another thing to ask about and consider. A lot of landlords don't allow them, which makes the properties that do all the more enticing for animal lovers. If you're willing to open up your home to their furry friends, you'll be opening up a whole other section of the renter market that is usually cut out from consideration.
Furthermore, contacting their old landlord references and asking similar questions can help you get another perspective on an individual. If it turns out they were lying about being evicted, for example, this should seriously jeopardise their tenancy application and cast doubt on their character.
On the other hand, this also gives you a chance to discuss their habits and mannerisms before committing to any one tenant. These landlords have dealt with these individuals before, so gaining their insight into the experience could be an illuminating experience that could help you make an informed decision.
If you're feeling a little out of your depth, there are always real estate professionals about to help with the process. For example, seeking the help of a property manager can be a great way to find the right tenant while also putting your portfolio in capable hands.
These professionals are involved with the real estate industry day in and day out, and their knowledge can be invaluable in these situations. They're experts at sorting through potential tenants, interviewing them and creating a shortlist of the best candidates, which you can then take your pick from – knowing that these are the best possible picks from the bunch.
Furthermore, keeping their services means they will assume control of the day-to-day operation of your portfolio, allowing you to reap the rewards of property investment without worrying about the various complications and issues that can arise.
These are just some of the things to consider when looking for real estate tenants. This is an important part of being a landlord, so make sure you cover all your bases.