In picking the right tenant, it’s very important that our property managers go and meet them. The first step is to get a gut feel for people. The second step is to do a very rigorous background check on their income, their previous place of residence.
Usually, we look for people who can easily afford the rent. At an absolute maximum, the rental payment might be 30-35% of their income. That’s very similar to someone applying for a mortgage. We find that whenever we find a tenant under that range, they will be a good tenant.
The other thing we look for is a reason for them to stay in the same place for a long time. The quality of our tenants is very dependent on how long they stay in your property so that you get little to no vacancy and maximise your rent.
See more of our videos on the Red & Co YouTube Channel.
Contact David Laverty
E: [email protected]