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Three essential steps to picking quality tenants for your investment

By Jamil Allouche

Nearly a third of us Melburnians are renting, according to Census data. That means you should have plenty to pick from when renting out your Brunswick property investment. While that's a good thing, it can also make selecting one tenant difficult. 

To make it easier we've compiled the three most essential steps to making sure you pick the best possible tenants.

1. Attract quality tenants

You can't pick quality tenants if you don't attract any. That's why marketing your property may be the most important part of the entire rental process. To give your property the best chance, make sure you thoroughly clean and present it beautifully before you start advertising. 

Have a professional take photographs and make sure you or your letting agent advertise the property in all the right places. This may include: 

  • Local print,such as newspaper or property magazines.
  • Social media. 
  • Listing websites. 

The listing itself should highlight why the property is such a great place to live. Include details like proximity to cafes, bars and public transport, and be sure to include attractive features such as a off street parking, under floor heating or high speed internet. 

2. Face-to-face meeting

You or your property manager should always, always meet prospective tenants face-to-face before they lock in a lease. You can tell a lot about a person by simply talking to them, and a face-to-face meeting at an inspection is a great way to do that. 

This is a great time to get to know them and ask questions such as:

  • What do you do for work?
  • Why did you leave your last rental?
  • How many people will be living in the property?
  • Do you have pets?
  • When would you want to move in?

While an inspection may be the ideal time to find out more, make sure you keep it conversational and light when asking questions so that you don't scare anyone off. 

3. Screening and checks

Once you've settled on one or two tenants that you think would be ideal for your property, its time to check references, information on past tenancies and credit history. You or your property manager should first check the National Tenancy Database (otherwise known as the naughty tenants database). Here you'll be able to verify your tenant's identity to see if they're blacklisted, as well as bankruptcy and court records. 

For more advice on choosing the ideal tenant, or for help marketing and managing your rental property, get in touch with the team at Ray White Brunswick today. 

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