Hi. Sam Price here, from Templeton Property and today we’re answering the question: How to select the right tenant for your investment property?
So, to get to this stage, you would have successfully advertised the property, and received, hopefully, multiple applications. You’re at the stage that you want to process these applications. Well, we use a 4 step process for this.
The 1stis, we look at identification. So we require 100 points of ID for each of the applicants.
Number 2is income. Is the combined income of all the applicants sufficient to cover the rent and still then allow enough money to live and pay taxes, and so forth? So we use the one third rule for that.
Number 3, what’s their history like for renting? We look at the previous tenant ledger, we speak to the previous property manager, and we also do a TICA search, to see if they’ve had any tenancy issues previously.
And number 4is how do you think they’d go in the property? What’s your gut instinct on this particular applicant?
And then we review it in total. We then contact the owner and talk through the options available, with regards to the applications and the owner then makes the final decision on who they would like to live in their property.
There you have it. You’ve now selected the right tenant for your property. I’m Sam from Templeton Property. Thanks and I’ll see you at an open home soon.
At Templeton Property we go above and beyond to secure the best outcomes for our clients. Discover more about we can assist you by calling us today on 07 3368 1988 or Sam Price directly on 0418 159 993 to discuss your needs.