Top 10 Do’s & Don’ts Of Tenant Selection 

Selecting the right tenant for your investment can be quite daunting especially when we’ve all heard the stories of “nightmare tenants”. So how do landlords protect themselves from unwittingly handing over their valued asset to a less than ideal tenant.

 

Keeping in mind the process isn’t an exact science. The best use of judgement and fact checking is not a 100% guarantee. Whether we rent to someone we know or someone we don’t, it still comes with risk, so following a few simple Do’s and Don’ts in your process, is the best way to minimise that risk and mitigate potential for problems or future loss down the track.

 

DO

  1. 1. Describe your property accurately.
  2. 2. Advertise your property to the right target audience – spending hours sitting through applications that include pets when pets are not allowed is a waste of the applicant’s and your time.
  3. 3. Require prospective tenants to complete a written application form and ask they provide supporting documentation
  4. 4. Always follow through with at least 2 reference checks
  5. 5. Meet and greet prospective tenants in person
  6. 6. Listen to your gut
  7. 7. Be open minded
  8. 8. Be consistent in your approach
  9. 9. Write notes
  10. 10. Comply with legislation

 

DON’T

  1. 1. Embellish or make false statements in your property listing
  2. 2. Discriminate on the grounds of race, ethnicity, religion and age.
  3. 3. Ask inappropriate or personal questions not relevant to tenancy
  4. 4. Take weeks to decide
  5. 5. Use unrealistic criteria
  6. 6. Get discouraged in the process – it can take time and patience
  7. 7. Choose solely based on the highest rental amount offered
  8. 8. Let emotional attachment to your property hinder the process
  9. 9. Get hung up on getting as many applications as possible – remember the goal is quality not quantity
  10. 10. Let it overwhelm you…reach out to an agent…it’s what we do.