Selecting the right tenant for your rental
Category News
If you are not in the business of rentals, then you really need to do your homework before investing in a rental property. Rentals are a challenging and legislatively complex area of the property market hence the rise of skilled rental agents who are assisting property owners with their rental properties.
It all starts with putting the right tenant into your property and even then, there are no guarantees, but at least if you follow the correct steps you can ensure you find a good calibre tenant.
There is no investment without risk and the riskiest element of your rental property, is ensuring that you select a tenant of good standing which will help mitigate your risk so that you can maximise your rental returns.
Two aspects are important in selecting a good tenant. Firstly, you will want to ensure that the tenant has a good credit record and a history of paying their debt on time. The second aspect, is that you will want to ensure that you tenant can afford the monthly rental and has a regular stream of income.
A rental property is not a passive, but active investment and requires hands on management. This means doing proper checks upfront and thereafter doing regular visits to the property so that you can spot any potential problems as quickly as possible. Be sure to also have a professional lease agreement that protects your interest.
Author: Seeff
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