3.4 The Tenant Induction
Overview
Congratulations!! You have selected a tenant and they have verbally accepted your offer. Now what do we do?
Having a detailed tenant induction process and spending quality time with the tenant prior to the commencement of the tenancy has many benefits. An investment in time spent at the beginning of the relationship will save time in the long term. It will also ensure that all parties have a clear understanding of their rights and responsibilities plus it gives the tenant an opportunity to ask questions and seek clarification on certain matters.
After the induction, the tenant will sign the Tenancy Agreement and you can then remove the listing from the market as the contract will be signed.
In this section, we will look at the importance of spending quality time with the tenant prior to the commencement of the tenancy along with the actual signing of the agreement. It is not just time that is important, the content in regard to what you will be covering are equally as important. There is no point in spending lots of time with the new tenant if you fail to cover off vital information with regards to their tenancy.
3.3 Selecting the right tenant
Overview
One of the most important tasks you will undertake is ensuring that you select the appropriate tenant for the rental premises. Get this right, and you will hopefully have a long-standing professional relationship with two parties who respect each other and understand what is expected from themselves and each other.
Get it wrong, and you could find yourself on a slippery slope, working with an over demanding tenant, dealing with someone who cannot afford the property or worse still, someone who is likely to damage the premises. Bad tenant selection can be the beginning of the end of what may have been a positive and productive relationship between a Property Manager and a landlord.
Although no individual can guarantee 100% how a tenant is going to perform, you can take some simple steps in establishing the true credentials of a tenant and with experience, it can be a simple process in identifying a poor applicant by just carrying out some simple background checks.
Tenancy selection is complex. You want to select the right tenant but you also have to be aware of legislation such as the Privacy Act 2020 and The Human Rights Act 1993. There are significant consequences for getting this wrong.
Throughout all of this process however, you must remember to treat all applications, successful or unsuccessful with respect and professionalism. You are dealing with human beings and we can be complex creatures who do not always react rationally. You also have to take into account relevant legislation which is not limited to the RTA. You will be dealing with the Human Rights Act as well as the Privacy Act.
In this lesson, we will not just teach you how to select the right tenant, but we will also teach you how to deal with unsuccessful applicants without jeopardising your reputation.
We will go through the following processes that you will follow around tenant selection. These will include the following.
- The criteria you will base tenant selection on
- How to read a tenant application
- What background checks you should undertake
- How long the process should take
- Understanding legal requirements
- Providing feedback to applicants
- Working with the landlord
3.2 How to host a viewing of a property
Overview
You have now successfully marketed the property for rent on multiple websites. You have a For Rent sign on the property that gives it a great local profile as well. Your listing has excellent photography with a professional video that is getting plenty of views. The listing gives the prospective tenants all the information they require including key features about the property and information about local amenities. Prospective tenants are looking at the listing and the enquiries are starting to come in. Now what do you do?
3.1 How to Market the Property
Overview
There are a number of steps and processes that you need to follow if you are to successfully rent out your property for the best achievable rent to the most appropriate tenant in the shortest amount of time. We also now have to take into consideration the impact of the Coronavirus pandemic which has led to a surge in virtual viewings of property. Technology has an increasingly important role to play in how we market a property.
In this lesson we will look at the steps you need to take and the challenges you are likely to face along the way. These steps include the following.
- Ensure the property is compliant
- Ensure you have authority to rent out the property
- Is the property already tenanted?
- Ascertain what the demand for the particular type of property is
- Identify the key features of the property
- Identify any issues or maintenance concerns
- Is there anything that you would recommend to help rent the property?
- What are the benefits of local amenities?
- Who is the most likely target market?
- What else is available that is comparable to your property?
- What will the rent be?
- How do I advertise it?
Lesson 3.4: The tenant induction
Congratulations!! You have selected a tenant and they have verbally accepted your offer. Now what do we do?
Having a detailed tenant induction process and spending quality time with the tenant prior to the commencement of the tenancy has many benefits. An investment in time spent at the beginning of the relationship will save time in the long term. It will also ensure that all parties have a clear understanding of their rights and responsibilities plus it gives the tenants opportunity to ask questions and seek clarification on certain matters.
After the induction, the tenant will sign the Tenancy Agreement and you can then remove the listing for the property and take it off the market.
In this lesson, we will look at the importance of spending quality time with the tenant prior to the commencement of the tenancy. It is not just time that is important, the content in regard to what you will be covering are equally as important. There is no point in spending lots of time with the new tenant if you fail to cover off vital information with regards to their tenancy.
Lesson 3.3: Selecting the right tenant
One of the most important tasks you will undertake is ensuring that you select the right tenant for the right property. Get this right, and you will hopefully have a long-standing professional relationship with two parties whom respect each other and understand what is expected from themselves and each other.
Get this wrong, and you could find yourself on a slippery slope, working with an over demanding tenant, dealing with someone who cannot afford the property or worse still, someone who is likely to cause damage the property. Bad tenant selection can be the beginning of the end of what may have been a positive and productive relationship between a Property Manager and a landlord.
Although no individual can guarantee 100% how a tenant is going to perform, you can take some simple steps in establishing the true credentials of a tenant and with experience, it can be a simple process in identifying a poor application by just doing some simple background checks.
Throughout all of this process however, you must remember to treat all applications, successful or unsuccessful with respect and professionalism. You are dealing with human beings and we can be complex creatures whom do not always react rationally.
In this lesson, we will not just teach you how to select the right tenant, but we will also teach you how to deal with unsuccessful applicants without jeopardising your reputation in the market place.
We will go through the following processes that you will follow around tenant selection. These will include the following.
- The criteria you will base tenant selection on
- How to read a tenant application
- What background checks you should undertake
- How long the process should take
- Providing feedback to applicants
- Working with the landlord
Lesson 3.2: How to host a viewing of a property
You have now successfully marketed the property for rent. Your listing has excellent photography with a video as well. The listing gives the prospective tenants all the information they require including key features about the property and information about local amenities. Your viewing is now up and running on multiple platforms, prospective tenants are starting look at the listing and the enquiries are starting to come in. Now what?
Lesson 3.1: How to market the property
There are a number of steps that and processes that you need follow if you are to successfully rent out your property for the best achievable rent to the most appropriate tenant in the shortest amount of time.
In this lesson we will look at the steps you need to take and the challenges you are likely to face along the way. These steps include the following.
- Ensure the property is compliant
- Is the property already tenanted?
- Ascertain what the demand for the particular type of property is
- Identify the key features of the property
- Identify any issues or maintenance concerns
- Is there anything that you would recommend to help tenant the property?
- What are the benefits of local amenities?
- Who is the most likely target market?
- What else is available that is comparable to your property?
- What will the rent be?
- How do I advertise it?