Mona Vale Blog

The Tenant Selection Process

Whether you are considering purchasing an investment property, or already own one, ensuring that it is tenanted and there is consistent income is key!

However, the tenant selection process can be long and tedious, how can we ensure that they are clean, tidy, quiet, and on time with their rent?

By ensuring that we thoroughly check their references, verify their identity, and trust our gut! When selecting and recommending a tenant, we don’t simply go for the first one to submit an application, we have to believe that they will be right for your property.

The first step we take, is we check their ID against TICA (Australia’s Largest Tenancy Database). With this system we enter the prospective tenant’s detail and it provides us with a report. It verifies their ID, advises us if they have ever been reported for defaulting on their rent, let’s us know if they have applied for other properties, it can even check their criminal record if we think it is necessary.

Next we check their employment, we want to confirm with their managers that their salary is what they have told us it is, and that that is enough to cover rental payments, that they have been with their employer for a reasonable amount of time, and that their employment is secure.

Last, but most definitely not least, we want to confirm their tenancy history. There is an unspoken agreement between Property Manager’s that we are honest about our previous tenants when asked. This is key! Because when we are assessing a tenant’s suitability for your investment property, we want to know that they have kept their previous homes in good condition, that they have paid rent on time, and (maybe the most important question that we ask) “would you rent to them again?”

By following this process, we are able to more confidently recommend the tenant to you and discuss their suitability for the property. A tenancy application is like a job interview, so how a prospective tenant presents themselves, behaves, and provides feedback is all taken into consideration. If any red flags are raised, we bring them to your attention, so you have all the facts when making your decision.