Saturday, September 10th, 2011 - infolio
We are all familiar with a rental property horror story, finding one of your biggest investments trashed and infested with rats is a nightmare for any homeowner.

With an abundance of tenants looking to rent in Melbourne and a shortage of rental properties, the property market seems to be tilted in the favor of the property owners. However drawing in tenants is just half the game; the ability to select good tenants for one’s property is just as critical.

The following are some quick tips on selecting a tenant worthy of your investment property.

1. Examine the way the tenant has filled up the application form. Is the applicant forthcoming with the required information? Look out for sections that the applicant has left blank. Is the form filled out to your satisfaction?

2. Check (and double check) every piece of information in the application form for inconsistencies. Call up the applicant’s employer to ascertain their employment status and income. This will indicate whether the applicant can afford the rent. Also, contact the applicant’s previous landlord or real estate agent to find out how the applicant has been keeping up with their payments

3. Get to know the tenant. For those who are web-savvy, there is no harm in conducting a quick search on the applicant’s name using search engines on the Internet or social media sites like Facebook to see what shows up.

4. Ask for applicant’s bank statements or bank accounts. These documents tell a lot about the applicant’s ability to pay rent especially in cases where the applicant is a student and/or reliant on casual and part-time employment as sources of income.

5. Take your time with the selection process. Being thorough and meticulous in conducting the necessary checks can help to avert unnecessary headaches and sleepless nights, and ensure a hassle- and worry-free investment experience.

6. Last but not least, if paperwork is not your cup of tea, or you are just too busy, the buyer’s advocates at infolio are more than willing to lend a hand.

Contact Profile

infolio


infolio are buyer advocates and Melbourne property market experts. We provide our clients with a professional and independent advisory service that not only assists them in purchasing a residential property, but also in selling or leasing a property.

All of our clients have different needs, budgets and property portfolios. However, they are all seeking the same result, capital growth and an excellent return on investment.
Tegan Hammett
P: 03 9642 4107
W: www.infolio.com.au

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infolio, buyers advocates melbourne, lauren staley, property buyers melbourne, property investment melbourne

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