Purchased your new piece of rental property and looking for your new tenant? Or is your current tenant moving out and you really need to find a new one? Well, looking for a tenant is one of the hardest things to do when you start investing in rental property.
So here are our top 4 things to look out to when you’re trying to find your perfect tenant for your home. As a landlord, we are sure that you want to find a good tenant that will be able to not just take care of your house but also to enjoy living at your home responsibly.
Good tenants are definitely out there, you just need to be a bit more stringent when it comes to looking for them.
Tips #1: Find Someone You Trust To List Your Property
In Malaysia, the number one way to do this is to list it with a property agency. A lot of people believe this to be the best and only way to do this because agencies have a lot of connections. They are established in their craft and usually know where to list your property for the best response.
They are also incredibly informed with the current property market and they will be able to assist you in the best way possible with regards to how much you should rent out your property for, what is the best way to publicise it and so much more.
Having a platform or team that you trust is incredibly important when you are looking to rent out your property. This is why BlueDuck is a great place to not just list your property but have a team of experts go the whole nine yards for you. The team at BlueDuck will run thorough checks on each person that wants to rent your space and will do most of the work for you so you don’t have to worry!
Tips #2: Check Their Financials
When you have decided on a few people that you have shortlisted to rent out your property. You and your team of real estate agents should look into their finances. It is a sensitive topic but you will need to know if your future tenants would be able to afford to pay for rent and make payments on time.
A good idea to figuring out if they can afford rent is to make sure that rent is ⅓ of their overall paycheck. This way, you know that the tenant is not only able to pay you on time but to also maintain their quality of life as well.
Tips #3: Decide on A Demographic
When you purchased your property to rent out, you will have chosen it based on multiple things like if they are close to LRT stations or close to colleges. This way you actually decided from the get-go the type of tenant that you are looking to rent to.
If the types of tenant you choose are university students, you will need to be prepared to house students. You might need more tables, more stable internet and a simple kitchen setup as compared to a young family.
Or if you decide that you do not wish to cater to a certain demographic please be mindful and let your agents know in advance so that they know how to angle your property when marketing it out.
Tips #4: Take Your Time
You might be inclined to make a fast decision so that you can get the property out of your hair and rented out. But we have heard so many horror stories from landlords who just said yes to the first person they saw without taking the time to really know more about them.
This is why we suggest taking the time to read through the tenant profiles. BlueDuck puts together an extremely comprehensive tenant profile that allows you to make the best-informed decision with regards to your tenant.
We hope that these tips will help you find the best tenant you can for your property! Do you have anymore tips? Share it with us today! (:
Written by: Tashya Viknesh