If “rent my property in Australia” is your goal, it’s critical you know how to find renters that won’t damage your precious home or apartment. Just like the animals in George Orwell’s classic Animal Farm, not all renters are created equal.
If you screen potential renters of your for rent by owner real estate property diligently, the renters can make your life easy like Sunday morning. Ignore the steps and tips we’ve outlined below in choosing the right tenants, then get ready for a nightmare.
It’s imperative you take the time to pick the perfect tenants for your property. Just because you’re thinking I want to rent my property doesn’t mean the right candidates will simply land on your lap. Neither does it mean you trust anyone and everyone who applies as a renter.
Certain tenants will make your life as a landlord a breeze while others will make your life a living nightmare. We’re pretty sure you want to protect your real estate investment from tenants who’ll trash it like drunken teens at a rock concert.
Here are 6 tips to help you screen and eventually select the perfect renters for your beloved apartment or home.
Tip #1 Select a Renter with Stellar Credit Rating
As a landlord renting a home privately, it’s a wise decision to stick with renters who have a good credit rating. Go for those who show they’re responsible in their financial life. Chances are high they too will be responsible in managing your home for rent.
Someone who pays their bills on time will most probably pay you on time. As a landlord with the goal of I want to rent my property to the right person, you want someone who’s clean. Cleanliness isn’t restricted to housekeeping—it also involves holding a clean credit history.
Similar to a home loan application, you can ask for a copy of each rental applicant’s credit history. In many parts of Australia, the general rule is that landlords can access the second half of an applicant’s credit report. This section is considered a Public Record Information. Check with your local laws and see which part of the renter’s credit report you can legally ask for.
The public section of a renter’s credit report will also include incidents of court judgements relating to bankruptcy and debt.
Tip #2 Verify the applicant’s income and job
The rule of thumb is to choose a renter whose monthly salary is about three times the monthly rental fee.
You have every right to also request for copies of pay stubs. Have the applicants prove they hold a stable job. Contact the applicant’s employer to ensure the potential renter is truly employed. Ask their place of work how long the renter has been working for the company. It would also help to ask about the applicant’s attendance record at work and monthly salary.
Tip #3 Aiming to ‘rent my property’? Then manage it professionally
A landlord who is mindful of their apartment or home for rent will attract more interested rental applications. If you keep your real estate property in good condition, the chances are high you will attract quality tenants.
We’re not saying you need a multi-million dollar home equipped with a rotating bed and an Olympic-sized pool to land exceptional tenants. What we’re suggesting is you clean up your home for rent. The basic features must work, such as the plumbing and light fixtures. Ensure these work without glitches.
Tip #4 Observe interested renters with a keen eye
When potential renters come over to inspect your for rent by owner home or apartment, inspect the applicants yourself. Remember who’s who and make notes if possible. Just because you’re thinking I want to rent my property fast doesn’t mean you should be hasty in selecting the perfect tenant.
Keep track of the names of the couple with the disciplined and darling kids. Remember the name of the charming guy who reeked of alcohol at an 11 AM appointment. Do remember the lady who was neatly dressed, the one who possessed a perfect credit history.
As for the pair who allowed their dogs to jump on furniture and not once scolded their furry friends when the pet peed on your living room rug? Well, we don’t need to tell you these renters won’t make your life as a landlord heaven on earth.
Tip #5 Learn to read between the lines
When sifting through renters’ applications and making the final choice, see what’s not clearly evident. If the pristine looking gentleman who impressed you with his manners has rented five different homes in the last year, something doesn’t add up.
Ask the applicants if their previous rental bonds were returned to them. No? Why not?
Dig deeper when you’re selecting the winning candidate. It pays to double check the IDs and employment information provided.
Tip #6 Look for someone who’s consistent
What makes a person consistent, as far as screening for a renter is considered? Choose someone who doesn’t change jobs and addresses often. Someone who’s been working for the same company for a minimum of one year—more is better—is more ideal than a tenant who’s had three different jobs in the last two years.
The very sweet lady who’s moved around five times in the last two years—look beyond the charm. Perhaps she had a valid reason for moving around so much. Perhaps not. Verify, verify and verify. Your goal of rent my property and finding the right tenant is made easier if you double check all information provided by shortlisted applicants.
Your mission to rent my property is not a difficult one. With diligence and a keen eye, you can land a tenant who’ll not only provide you with additional income, but will also treat your apartment or home for rent privately with the respect it deserves!
Looking for people to apply as tenants? For a limited time, we’re offering a price of $50 and we will list your apartment or home for rent in Australia UNTIL RENTED on the top real estate sites in the country: Realestate.com.au and Domain.com.au
Thinking I want to rent my property or want to manage your property for rent privately? Here are other blog posts you’re sure to like:
- How to take excellent pictures of your real estate property using an iPhone
- 5 signs your For Sale by Owner home is overpriced
- 9 reasons why you should share your home for sale or apartment for rent listing on Facebook
- 7 advantages of working with an online agent like us to sell a house fast
- Mistakes you might be making when selling a house without an agent