You have carefully researched the area, met several developers, become an expert in average rental yields and finally purchased your investment property? Great! But there’s one piece left to complete the puzzle: the perfect tenant.
Finally the deal is sealed and you have invested in a buy-to-let property. It’s time to lean back now, isn’t it?
Unfortunately, the challenges don’t end there – whether you are managing the property yourself or instructing an agent, having a good, reliable tenant is essential to ensuring you earn on your investment.
So what makes a good tenant? Following a debate in the Heaton Group office, they have agreed on the profile of their most and least reliable tenants and shared their data with us.
And as a final note: once you have found your ideal tenant, keep them!
Poor maintenance is one of the most common tenant complaints, so respond to any questions or complaints quickly. And keep your tenant informed; if you are carrying out an inspection visit give plenty notice, ensure rent increases are fair and communicated well and be flexible on rules where you can.