Qualities to invite into your property

Knowing what to look for in a prospective tenant when your property is ready for occupation can be tricky. I opened my internet browser this morning and typed in “Good tenant”. I was hoping to get tips on how to identify a ‘good tenant’ to better assist property owners with this essential task. The first result to appear was a list of the seven top qualities a good renter should have. Herewith the list:

  • good tenant is responsible.
  • good tenant is respectful.
  • good tenant is able to pay.
  • good tenant is creditworthy.
  • good tenant is honest.
  • good tenant is clean.
  • good tenant is drama-free.

I couldn’t agree more with the above, but it’s not easy to perceive these qualities. Most of our property owners have only one encounter with a prospective renter before the application and screening processes start. For the first two qualities on this list, this first and only engagement could be enough. If the prospective renter honours the arranged viewing by being on time, showing interest and being honest the signs of a responsible and respectful human being is already evident. Your time is the most valuable asset and if one can’t recognise that it’s almost inescapable that they won’t be able to respect your property and the rules that accompany it. Of course, there are unplanned things that happen, but the renter’s communication regarding this will also give you a good indication.

The next qualities demand more intense labour from the property owner. How does one know if a renter is able to pay and creditworthy? Determining if a renter can pay your rent isn’t a pleasant or comfortable job. Many property owners choose to outsource the deep diving — obtaining the renter’s consent to study his/her bank statements, proving them truthful, rifling for warning signs, matching payslips and then even going as far as calling employees and other parties for confirmation and quality control of the presented documents. Further outsourcing and even deeper diving will be required to make sure that the reviewed person is creditworthy. Whether you decide to do this homework yourself or use an agency or management platform to do this is up to you. Just be sure that you follow the correct steps to attain as much reliable information possible, a triple layered check is what we advocate — background checks, risk rating and payment history.

The last three qualities are all moral-related, and unfortunately, these aren’t checkable boxes to tick off. You’ll have to walk the extra mile and contact your prospective renter’s previous landlord. This could be an awkward conversation if you’re not well prepared with proper questions. Make sure you know exactly what information you hope to acquire from the phone call. Draw up a list of questions before you call, topics to consider are the following: The duration of their lease, how their payment history looked, if there were issues that you should know of, whether they left any property damages, was the property taken care of and so forth. If you are making use of a management platform, they will most certainly do this part for you.

Although there is some work behind finding a suitable renter, it might be the most important part of renting out your property, ensuring you are welcoming the qualities you want into your property.

Preferental is an easy to use property management platform that guarantees your rental income.