Building or buying a property of your own is quite a great feat to achieve anywhere in the world. It means that you have invested in one of the most reliable sectors that have the capacity to preserve your investment and also appreciate in value over time.
That been said, finding the right type of tenants can be very challenging as there’re the good, the bad and the ugly ones out there.
As a landlord you’ll not enjoy the full benefit of your property if you have the wrong tenants on board. Some might struggle to pay the rents as at when due, majorly owing to their financial instability, while some others might just be very troublesome personalities. And so it becomes vital that you take certain steps that will help you reduce the possibility of having bad tenants in the compound.
Below are few tips that can come in handy when looking to accept tenants in your property.
- Brief Interview
While this might sound strange to some people, it is actually a practice that is currently in-use in many properties across Nigeria. Before you accept the payment of any tenants, it is wise that you briefly interview them to get to better understand who they are.
And so questions like;
- What do you do for a living?
- Are you single or married? Etc. Are not out of place, as they can be the difference between you accepting a good tenant or taking in a bad personality as a tenant.
You must also ensure that you have a casual discussion with them as that will make them loosing up a bit and fully express themselves, which could further reveal who they really are to you. You must also know that a lot of people out there are pretenders, but these approach can help provide a clue about the type of person that you’re about to accept as a tenant.
- Tenancy Agreement
This is a very vital piece of document that can help protect your interest as a Landlord. Although many landlords tend to draft these themselves, but it is wiser that you engage the services of a competent lawyer who will ensure that the Tenancy Agreement that spells out the terms and conditions for staying in your property is water tight. You need to ensure that it clearly stipulates the responsibility of both parties, i.e Like whose responsibility it is to pay the waste disposal bill for the property and Who will fix the water pumping machine when it is broken etc. Do also ensure that every tenant signs this document before they are accepted into your property.
This will come in handy in the event that there’s an issue between you the landlord and the tenant. You’ll at least be rest assured that your interest has been protected.
- Be Flexible
While it is good to set certain rules that will help protect your property from misuse or damage, it is also vital that you’re not too strict with the creation or enforcement of unnecessary rules. Trivial things like banning friends of tenants from sleeping over or banning the use of cooking gas (Yeah, some landlords still don’t accept this), could chase away even the most well behaved tenants. It is not wise to pick or turn down people on the bases of ethnicity or religion, as good and bad people can be found in every race, tribe or religion. You need to focus on things that will be in the best interest of all parties and not stress over things that don’t matter.
Yes you’re the owner of the property and you want to have good tenants. So also are tenants looking for a property with a good Landlord who’ll not frustrate their stay in that property.
- Engage Real Estate Experts
This is more or less one of the most important ways to get the right type of tenant for your property. A Real Estate Agent/expert is very experienced in the handling of various kinds of situations regarding properties. He/she can detect a potentially problematic tenant from a distance based on instinct that has been developed overtime in the Real Estate sector. They know the right set of questions to ask a tenant and they also poses the network required to help you find a suitable tenant for your property in the shortest possible time.
This is the reason why many property owners prefer to engage the services of a Real Estate expert so as to rid themselves of the stress that comes with the finding the right type of tenant.
All the tips discussed above, are tested and proven strategies for getting and retaining the right quality of tenants in your property in Nigeria. And if well implemented, they’ll help you reduce the occurrence of bad tenants in your property to the barest minimum.
We at Topland Realties Limited are very experienced with helping property owners find the right types of tenants for their properties. Whether commercial or residential, we’ll help to find and also interview them. So as to ensure that they have the financial resources and stability needed to renew their rents when they expire. We’ll love to further discuss our strategies with you when you Call or Whatsapp- +234 811 443 1525.