Owner Tenant Selection - Coral Sea Property Management

Tenant Selection

How we select the right tenants for your property

Getting the Right Tenants

Without great tenants who pay their rent on time and look after your property, you don’t have an income and we don’t have a job. We aim to select the best possible tenants in the marketplace for your property. We then wow them with our service, so that we can retain them for as long as possible, providing you with great returns year after year.

Happy tenants are more likely to renew each year, helping avoid costly vacancies, advertising and letting fees. Well-serviced tenants are more likely to accept regular (reasonable) rent rises if they believe are looked after fairly. They are also more likely to treat your home as if it were their own. Once selected, we ensure our tenants are treated with respect. We clearly discuss with them what expectations they should have of us and of you as their property owner.
We create a two-way relationship and demonstrating that we value our tenants. This lets us to hold them accountable to our expectations, for rent to be paid as required and the property to be respected

Happy tenants are more likely to renew each year, helping avoid costly vacancies, advertising and letting fees. Well-serviced tenants are more likely to accept regular (reasonable) rent rises if they believe are looked after fairly. They are also more likely to treat your home as if it were their own. Once selected, we ensure our tenants are treated with respect. We clearly discuss with them what expectations they should have of us and of you as their property owner.
We create a two-way relationship and demonstrating that we value our tenants. This lets us to hold them accountable to our expectations, for rent to be paid as required and the property to be respected

Enquiry and Inspection

Our tenant selection process begins with the very first contact. The process of filtering suitable tenants begins right from the first phone call or email. We respond promptly to all enquiries on your property. We quickly filter the genuine prospects from the others with a series of strategic questions. People who fit the correct criteria are offered an immediate escorted inspection. We never hand out keys.

 

The personal inspection allows us to meet our prospective tenant and begin to build case for, or against, the applicant. We begin to establish the suitability of the potential tenant, all before even getting an application. This is also an opportunity for us begin to educate the prospect on our expectations and standards. If deemed suitable the tenant is offered an application to complete and return as soon as possible.

The Application

We qualify the tenant again when the application is submitted, educate further on our expectations and standards, and only now begin normal processing procedure. Where possible, the same person who carried out the inspection processes the application. They have already begun to build a personal relationship and will have a clearer understanding of the applicant’s suitability. We apply maximum effort at this stage to ensure only the best possible tenants make it into our properties. This helps avoid the burdensome cost of removing and replacing unsuitable tenants. While not 100% foolproof, experience shows that filtering out the majority of unwanted tenants before they get into your property is the best method. Of course, we carry out all the normal checks including:

  • Tenancy default database check (TICA)
  • Evidence of Income
  • Minimum 100 Points ID
  • Previous rental references
  • Personal and work references

We take responsibility for dealing with any approved tenant that we place in your property. We need to collect the rent, hold them accountable and then remove them if something goes wrong. You, our property owner, hold us responsible for this decision. This ensures we will be the strictest judge of who we allow into your property!

Approving The Application

Many property owners are unaware that this is one of the most costly areas within property management. Other agents can take as long as 2-3 weeks to process an application. This results in hundreds or thousands of dollars of preventable losses to owners. We ensure all submitted applications are processed within 4 hours. Plus, we guarantee our tenants an answer within a maximum of 24 hours.

This means no lost money for you by having a potential tenant waiting days or weeks for an answer, when you could be collecting rent. It also means a perfect tenant does not go elsewhere because they are frustrated waiting for an answer. We make the decision quickly, on your behalf, in accordance with your instructions. We do not waste your time or the time of applicants. In many cases, the first our owners know of their new tenant is a congratulations phone call or email informing them of their new tenant and advising them that “the money is in the bank”.

If you’re serious about your rental property and serious about finding good tenants, then you need a good property manager getting tenants in with minimal delay. Every week your property is vacant you lose 2% of your yearly rental yield, and we don’t think that’s sustainable.

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