Selecting a professional property manager to take care of your investment property can be an overwhelming process. Understanding how particular property management firms screen tenants is vital to ensuring your property will be adequately cared for. The following questions can help guide your conversations with prospective firms and help you make the right decision for your property needs.
What do you find out about a prospective tenant’s reason for moving?
Professional property managers recognise the importance of finding out why a tenant has decided to move and is enquiring about a property enables them to screen for any problems that may have arisen in the past. Understanding whether the potential tenant has been evicted, is moving due to issues with neighbours, or overcapitalising on rental payments is important to know so that an informed decision can be made.
What do you find out about a prospective tenant’s employment and financial situation?
Rental market prices are driven by supply and demand, however it is vital that the person, or persons, renting out your property are able to afford your listing. Experienced property managers recognise the importance of identifying potential tenants that have a good employment history, both in regards to the amount they earn and their longevity at their current place of employment, to ensure they will be able to maintain the rental price for the foreseeable future. Statistics show that the most reliable tenants have enough income to service the cost of a rental two and a half times over. This amount allows for adjustments in rent and if their employment situation changes.
What do you find out about a prospective tenant’s intended living situation?
Professional property managers are skilled at finding out how prospective tenants intend to utilise your property. Understanding the amount of people they intend to have living at the property, whether they have any pets and if they intend to use all or part of the grounds as part of their workplace, ensure an informed choice can be made regarding suitability. Depending on how your property and its insurances are structured, additional tenants and home-workplaces can be an insurance liability, and professional property managers ensure the appropriate information is discovered before suggesting a particular tenant. Furthermore, professional managers will also scope out when the prospective tenant intents to take over occupancy to ensure their situation aligns with your intentions.
For an obligation-free conversation, contact Wise Realestate Advice on 1300 009 473 to discuss how their professional property development managers can support your property goals