Ways to deter certain "types" of Tenants

I am planning to rent out my IP and my IP is a strata-ed 1970s block building in an inner city suburb.

Some background in our area:
- I am based in Ground level

- Our building has 2 government housing unit currently rented to an emigrant
family and a single man in his late 40s. Both units have not had any troubles. Other renters within the building are ok...

- First and Second floor (same building as me) are renting approx $340

- One Ground floor unit (same building as me) is renting $280

- Currently the rent in my area ranges from $280 to $ 400 for the same style building.

I am wanting to attract young professionals / decent family in my IP who will diligently pay on time and look after the place well. I dont wished to rent to trouble makers (i think most of us dont anyway). Do you think its wise to place my rent on par with other units in my same building?

Any other ways I can deter trouble makers from renting my place (apart from history checks)????

TIA
 
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If you put your rent slightly below the average for similar properties you should get a larger number of applicants, which gives the PM scope to sift through and choose the best (no guarantees). If you ask top dollar you will probably have to take anyone who is prepared to pay.
Marg
 
I am wanting to attract young professionals / decent family in my IP who will diligently pay on time and look after the place well. I dont wished to rent to trouble makers (i think most of us dont anyway). Do you think its wise to place my rent on par with other units in my same building?

It's always a bit of a punt, Pixie. There is no guarantee young professionals and decent families will be good tenants. References are probably the best insurance, provided you check them out and actually call the referees.

Naturally you want to achieve the best possible rent.
 
Agree with the above.

Also, make sure you present the property well as poor presentation can attract a poor quality of tenant.

Make sure the PM you get in does inspections at times that professionals can view it, even better if they also do private inspections.
 
You basically want to look at features that the more expensive renting properties locally have, then you can charge a higher rent which should deter the lower types who wont be able to afford it.

I've done this, reno and add features like air con, dishwasher, built in robes then you can command better rent.

You should find out what the differences are between yours and the $340-$400 properties are and if you can afford, add those features and try and get a better rent for it.
 
Hi Pixie.
Suggest you insist on PM using a default tenancy database,
ask PM to submit final 3 applications to you before choosing,
keep rent level above par to weed our bargain hunters,
present the place spotless and in top condition which will attract a discerning tenant, and ensure the condition report is exhaustive and looks it.

Why are the 2nd floor units more expensive ? If it's a matter of perceived security, then instal security screens and charge the 2nd floor rent.

Good luck
Cheers
crest133
 
Think about what a young professional wants and provide them those things. Also, do a little bit of online searching about the tenant when possible... the things you can find out :). I know my PM did one about me when I moved to Melbourne as he started talking about investing with me!
 
Hi Pixie.
Suggest you insist on PM using a default tenancy database,
ask PM to submit final 3 applications to you before choosing,
keep rent level above par to weed our bargain hunters,
present the place spotless and in top condition which will attract a discerning tenant, and ensure the condition report is exhaustive and looks it.

Why are the 2nd floor units more expensive ? If it's a matter of perceived security, then instal security screens and charge the 2nd floor rent.

Good luck
Cheers
crest133

My understanding the owner on the ground unit was at the time desperate for a tenant. His original tenant broke the contract early than what he had anticipated. Plus his unit was right next to the bins and unit was next to the front entry door and the door was constantly slamming shut. (getting the BC to do something about it was also an nightmare)
 
On the other side of the coin, if the block is known to have housing recipients in it, young professionals are unlikely to want to live there. I have two properties in a street containing DOH properties and the tenancy applications received are always of a low demographic type.
 
On the other side of the coin, if the block is known to have housing recipients in it, young professionals are unlikely to want to live there. I have two properties in a street containing DOH properties and the tenancy applications received are always of a low demographic type.

but how can renters get hold of this government information..?
 
Make sure you have insurance.
Nearly all of our rentals are the "low end" demographic and most of the tenants are welfare recipients. They do tend to have a particular mindset.:rolleyes:
That being said you can get quite good tenants out of this group and with 9 rentals over 10 years we have only ever had 2 trashed. In the worst case we were only out of pocket about 2k after insurance etc.
Good luck.
 
Firstly find a good PM who you feel you can build a good rapport with and trust when they relay the information obtained from prospective tenants.
My pm looks closely at everything. She looks at where they spend their money on bank statements, if addresses match photo ID to prevent fake rental history, how they treat the apartment when inspecting and even when everything looks great on paper- gut instinct!

By ensuring your property is presented well and features all the appointments that your target market is wanting for your desired rental yield. Your advertising and listing information should be well written, informative and highlights attributes your target market find desirable. Things like easy access to Cbd via public transport, leisure facilities for busy professional and highlight the private yet friendly neighbouring tenants.

I'm assuming you're located within the Kensington/flemington locale from your post and rental prices you mentioned.
Having the rent slightly below market will attract a larger tenant pool to select from this is true.
Make sure your PM is flexible and willing to source your desired tenants. Many professionals are time poor and will send an enquiry that goes unanswered by busy or slack PMs. Make sure an open time is always listed. Aim for 5:30/5:45 on weekdays and around 11am on Saturdays.

Worked for me with my IP's in inner city melb numerous times.

Hope this helps :)
Liz
 
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It's always a bit of a punt, Pixie. There is no guarantee young professionals and decent families will be good tenants. References are probably the best insurance, provided you check them out and actually call the referees.

Naturally you want to achieve the best possible rent.

Just a thought: what about checking their Facebook page, LinkedIn, Twitter etc. to see if there is any evidence relating to their general behaviour or mistreatment of previous rentals. I'm not sure about the ethics of this but I believe prospective employers are quite comfortable with using this kind of information to vet prospective employees.

What do others think about this?
 
Just a thought: what about checking their Facebook page, LinkedIn, Twitter etc. to see if there is any evidence relating to their general behaviour or mistreatment of previous rentals. I'm not sure about the ethics of this but I believe prospective employers are quite comfortable with using this kind of information to vet prospective employees.

What do others think about this?

Why would it not be ethical? People put it all out there on these sites, and if they can be found, I don't see an issue with it. I believe employers use Facebook to check out potential employees and current employees.
 
Re FB, linked in, twitter etc.

I know of some agencies who don't check those sites, however public information is just that.

If you don't want someone looking have it set to private/don't have it at all.
 
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