How we find landlords great tenants?
At Nobel Realtors we put loads of effort and care into finding the right tenant for your investment property. We are thorough in our checks and don’t take shortcuts. These are some of the checks that we do prior to putting forward a tenant’s application to our landlords:
Default Tenancy Database Check - One of the first checks we do is to enter the tenant’s details through a tenancy checking system - TICA Default Tenancy Control which is Australia’s Largest Tenancy Database. This shows us quickly whether they had had serious defaults in previous tenancies.
Previous Rental History – This is very important information that the tenant’s previous property manager will provide. We request tenant ledgers which shows how much rent the tenant has paid in the past, was it paid on time etc. Were there any breaches through the tenancy? Did the tenant have a pet? Did they care for the property? Would you rent to them again? These are super important questions to ask to verify the type of tenant the applicant is.
Checking income to rent ratio - An applicant looking to pay rent which is more than 30% of their weekly income is more likely to struggle each week to make weekly rental payments. No matter how keen they are on the property, this should be carefully considered as to how they can make their weekly rental payment.
Employment history - Does the applicant have a solid work history? Does the tenant have a stable income so they can keep up with the rent throughout the lease? Verifying this through proof of payslips and employment contracts or accountant’s information is important information to cross check.
Reference checks - We will ask for independent references on the tenant application form which helps to understand the character of the applicant depending on how long the referee has known the applicant. It often gives us insight into the type of person the tenant is.
Cross Checking – We are using the entire application to check that the information the tenant has provided on the application is actually true and correct. We are looking for any inconsistencies.
Choosing the right tenant is key for your investment. Talk to us today!