How can you speed up the tenant selection process?
Obtaining a mortgage has become an unattainable dream for many people. New equity requirements and stricter bank criteria have made access to mortgages considerably more difficult. As a result, more and more people are turning to renting. For landlords, this means that many prospective tenants are interested in their flats. So how do you choose the right tenant and manage the whole situation?
Detailed listing
A well-written listing is the first step in filtering prospective tenants. Be specific about the price, requirements and preferences. If you have particular requirements, such as a non-smoking tenant, state this in the listing. Although some applicants may still ignore your requirements, it will discourage many for whom they are unacceptable, and they will immediately begin looking at other flats.
How they communicate
You can form an impression of an applicant from the very first contact. Given the high demand, as a landlord you can choose whom you wish to communicate with. Focus on how applicants communicate, whether by telephone or email. If their approach does not suit you, there is no need to invite them to an in-person viewing.
Efficient viewings
Schedule in-person viewings in time slots and concentrate them into one or two days per week. Allow no more than thirty minutes for each applicant. Shorter viewings can make better use of your time while also helping to filter out serious applicants.
Tenant screening
Once you have filtered out serious applicants, it is important to screen each of them. Obtaining their birth number will allow you to find out whether they have outstanding debts or are insolvent. Also ask for references from previous landlords and verify their employment.
Professional property management
Even when following all recommendations, selecting a tenant and managing a property is time-consuming. Professional real estate companies such as Bohemian Estates can provide property management that saves you time and energy. They will let your property, screen applicants, and handle administration and communication with tenants. This approach can lead to greater profitability and reduced risks associated with letting a property.