Finding the Right Tenant in Lagos
May 8, 2024
The City of Lagos, in all of its glory, is known to be home to people of different cultures and nationalities from all over the world. It is a known fact that Lagos is home to over 16 million people, all of whom hail from different parts of the world. The reason for this is not far-fetched; Lagos is simply the economic capital of Africa. While, however, the population of Lagos may present an economic advantage for the city and its people over other states in the country, it presents a unique challenge for landlords and landowners—finding the right tenant.
It is an essential skill to be able to put together a number of tenants in an estate, all of whom fit the behavioural and social profile as required by the landlord. This skill is underrated, as its essence could go a long way in determining the overall tenant experience and the utility of the house itself. This piece provides some valuable tips for finding the right tenants in Lagos.
Perhaps the first step in your quest to find the right tenant is to establish clear screening criteria. Before advertising your rental property, define specific requirements such as income level, employment status, rental history, and references. By outlining your screening criteria upfront, you can attract applicants who meet your eligibility standards, reducing the likelihood of encountering unsuitable candidates during the selection process.
Similarly, since it is true that you’re likelier to find many more suitable people from a much larger pool of potential tenants, you may want to leverage multiple advertising channels to reach a wider audience. In Lagos’ competitive rental market, casting a wide net through online platforms, social media, local newspapers, and real estate agencies can increase visibility and attract potential tenants. Utilize high-quality photos, detailed property descriptions, and competitive pricing to stand out and generate interest among prospective renters.
Moving forward, it is important to conduct thorough tenant interviews and screenings. Once you receive inquiries or applications, schedule interviews with prospective tenants to assess their suitability and compatibility with your rental property. Ask relevant questions about their rental history, employment stability, lifestyle preferences, and expectations to gauge their reliability and suitability as tenants. Additionally, verify their identity, income, and references to validate the information provided and confirm their credibility. Remember to prioritize communication and transparency throughout the tenant selection process.
While this may be difficult, where the circumstances permit, kindly attempt to conduct background checks as a KYC measure. Ensure your conduct is within the confines of the law and hire the expertise of a legal professional while at it.
Finally, draft a comprehensive lease agreement that outlines rights, responsibilities, and expectations for both parties. Work with legal advisors or real estate professionals to create a legally binding contract that covers essential aspects such as rent payment terms, maintenance responsibilities, property rules, and dispute resolution mechanisms. Clearly communicate the terms of the lease to prospective tenants and address any questions or concerns they may have before signing the agreement.
The property is just as great as the quality of its tenants. When tenants rent a space, they want more than mere shelter; they want an environment; they want a home. The people with whom they have to co-exist in that space would go a long way in determining the quality of that experience for them. This is why you cannot afford to get it wrong as a landlord. I hope these tips help you make better decisions! Goodluck.