Finding quality tenants is one of the biggest problems facing property investors and Managing Agents spend a lot of time screening potential tenants before they allow someone to move into your property. They make sure they find the ones that will be respectful, responsible and pay their rent on time, every time. Quality tenants are worth their weight in gold as they make your finances run far smoother, ensuring there is always a healthy cash flow.
Working with a Managing Agent simplifies the process and below is a summary of how potential tenants are screened.
It all comes down to their profile
Prospective tenants are provided with an application form.
The application form captures the prospective tenant’s contact details, employment details, current address, an income, and expenditure breakdown, next of kin and similar information.
Prospective tenants must provide proof of income.
This must be done in the form of providing a salary slips or a letter from their employer. In instances where the prospective tenant is self-employed, 3 month’s bank statements must be provided.
The TPN RentCheck® scores data from three different credit bureaus to provide you an affordability assessment. They provide the Managing Agent with a unique rental payment profile history which is an indicator of risk for poor collections.
Should the prospective tenant have a bad credit history, or any additional flags come up against their name, the rental deposit is in some cases increased.
The prospective client must provide contactable references which are verified by die Managing Agent. References include relatives and previous landlords.