How To Find (And Keep) Good Tenants For Your Home

Being a landlord is no easy feat. There is the initial setting up of the apartment, the advertising, leasing it out, the legal bits such as sorting out a lease agreement (this is made much easier when you use a lease agreement template) and that’s all without finding the perfect tenants for your place. Which is one of (if not the most) important things for you to do. But just how do you find the perfect tenant? And once you’ve got them, how do you keep them? In this article we take a look at some top tips to help you do just that. Keep on reading to find out more.

Provide a well-maintained property

One of the first and most important things you need to do when looking for good tenants is provide them with a well-maintained property. You want to advertise a property that will attract buyers who will look after it and be proud to make it their home. Ensure the walls are all painted nicely, the flooring is in good nick and that it has an overall clean and homely feel. You don’t need to bother with expensive items or decorations, but just making sure they’re in good condition can really impact the chances you have of letting out your property to people who will want to take care of it.

Consider if you want it furnished or unfurnished

When letting out your property, you need to decide if you want to do so furnished or unfurnished. Furnished can be beneficial as if you have items you don’t want to throw away or store, you can leave them in the house. It can also be more attractive to buyers who might be students, short-term tenants or those moving into their first place who might not have any furniture of their own yet, but don’t want to purchase it as they’re not sure what their next move will be. Unfurnished can be more attractive to tenants looking to settle down and make it their own long term.

Be compliant with property laws and regulations

There are a myriad of different property laws and regulations out there that you need to keep an eye on. As a landlord, being compliant with property laws and regulations is not just a legal obligation, it’s crucial for protecting your investment and maintaining positive relationships with tenants. This includes meeting safety standards (such as gas, fire, and electrical safety), ensuring the property is fit for habitation, protecting tenant deposits in a government-approved scheme, and following proper procedures for rent increases or evictions. 

If you don’t do this properly, it can lead to fines, legal action, or even bans from renting out properties which can be a real issue. Staying up to date with legislation and maintaining thorough records helps you avoid costly issues and ensures your rental business runs smoothly.

Put it up for a competitive but reasonable price

The price you put your property up for rent for also has an impact on the type of tenants you will attract. You want the price to be reasonable so you don’t out-price anyone from wanting to let the property, but you don’t want it to be so cheap that it attracts the wrong sort of crowd. For example, a super cheap property might attract students and if this isn’t the sort of tenant you’re after, you need to be clear on this. Do some research into the current market and find out what similar properties are going for in your area. Don’t underprice yourself where you are making a loss and ensure it adequately reflects the sort of home you are letting out to tenants.

Target your ideal tenant

When you are writing your description to put the property on the letting market, have your ideal tenant in mind. Be careful to not discriminate against anyone, but also describe the type of property and whom it might best suit. For example a little cottage near schools and shops might be appealing for an elderly couple or a young family. A studio apartment in a city might be best for a single, working professional who needs to be able to commute to work. Listing these things as suggestions can really help you to appeal to the type of tenant who you want living in your property.

Conduct thorough screening

Chances are you will receive a lot of applicants for your property, so you need to screen them correctly. Ensure they pass affordability checks and find out what they do for work. It’s a good idea to meet them in person too so you can get a good idea of what sort of tenant they will be and how well you get along. This can put your mind at ease and ensure you are the right fit. Affordability is really important as you want to ensure they pay their rent on time and don’t refuse to leave the property if they can’t pay.

Maintain open communication throughout the lease

When you have your ideal tenets, you need to not lose them. Maintain open communication throughout the lease, being friendly and informative when you need to. If they have any issues, sort them out as soon as you can and try to be lenient with things such as if they want to put pictures on the walls. This can help make it feel like a home for them and they will be grateful for the discretion.

These are just a few things you can do that can help you not only to find good tenants for your property, but to keep them too. Whether you want someone long or short term and are renting in the city or countryside, the principles are the same. What are some top tips you have for how to find and keep good tenants for your home? Let us know in the comments below, we’d love to hear from you.