A good property manager
The most important part of ensuring your property achieves the highest possible return is having a good property manager. They will ensure you obtain the right tenant, at the best possible rent. Quarterly inspection undertaken and the result reported back to you as the landlord. Listening to your tenants when they make contact and addressing any concerns they have as quickly as possible. Communicating with you in advance of the end of a lease to let you know what terms for a new lease should be.
Tips For Selecting The Right Tenant For Your Property
To make the greatest return on your investment property you need to have it occupied as much as possible. Here are some tips to help select the right tenant for your property to provide a longer tenancy with better returns and less drama for you, the owner.
Tenant profile
Create a profile of the tenant you want for your property, taking into account the neighbourhood and nearby amenities. For instance, young professionals may be a better fit for an inner-city apartment near restaurants, rather than a family with pets who need schools and parks nearby.
Property valuation
Next, get an accurate valuation of your property. Ask local realtors for an appraisal and check the Internet and papers for comparable properties in the area. When showing the property, either yourself or the property manager should be present to answer questions. Make sure your property complies with all regulations so prospective tenants are able to move in.
Tenancy agreements
Another important step, once you have selected a tenant, is to make sure you and the tenant have a written and signed lease or tenancy agreement. Never rely on a handshake deal. Before handing over the keys complete a written condition report of the property and have the tenant sign off on it. This will ensure that there is no dispute about damage or changes later on.
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