Finding the right tenant

The main aim of any investment is to make a profit. When it comes to rental properties, this means having the property occupied with rent coming in and minimal damages. What you should look for in a tenant does heavily depend on the type of rental property that you own. However, finding tenants that have proven regular income, good credit history and at least three strong references is a great start, no matter the type of property.

To put it simply, the best time to look for tenants is when you need to. Some landlords believe it’s better to avoid looking for tenants in peak holiday times as they are more likely to be out of town. However, as Property Managers, it is our aim to keep your house tenanted for as many weeks of the year as possible and maximise your returns on your investment.

No, landlords are unable to charge tenants late fees if rent is not paid on time. However, it is the tenants’ responsibility to pay their rent in accordance with the tenancy agreement. There are a range of steps you can follow when rent is overdue but the best way to avoid this problem is often by picking the right tenant. A thorough checking process can save you stress and time down the road. Using a Property Manager also means they will be able to provide professional advice and handle any tricky situations for you.

Rent is generally charged weekly or fortnightly depending on the preference of the landlord. Landlords are unable to ask for more than 2 weeks rent in advance. However, we recommend discussing the rent payment schedule with your tenants and, if possible, aligning payments with the frequency of their income. This is an easy way to help tenants with their budgeting and prevent payment issues with inexperienced renters. If tenants would like to pay monthly in advance, care needs to be taken to ensure documentation reflects that the tenant asked to pay at this frequency, and this was not asked by the landlord. It’s also worth noting that until all paid rent has been used, landlords cannot ask for further rent payments.