Finding the perfect tenant
When renting out a property, finding good tenants is essential in order to spare you any unnecessary stress or financial loss. For many landlords if can often feel like a minefield so we’ve put together our top tips to help in finding the right tenant:
Make it attractive and advertise it well
When you’re preparing to advertise your property, it’s important to make sure your property is clean and tidy, and you have high quality pictures taken.
Think about the type of clients you are wanting to attract and where they are likely to be looking. If you want to attract professional employed people it needs to be seen where they will find it, so on property portals and social media. It also helps to advertise your property with an agent as they are likely to have a waiting list of suitable tenants.
Meet any potential tenants
It’s imperative to meet potential tenants in person before making any decisions. Get to know them, ask questions, it’s important to know who you will be letting live in your property. Find out about their age, occupation, pets, hobbies, anything. You may be able to discern whether they would be a nuisance to you or to neighbours just by asking these general questions. If you think that they’ll be unsuitable for your property, it’s better to find out right away.
If you’re using an agent, this is something they will be able to do on your behalf.
Carry out background checks and obtain references
Doing a background check on your tenant may be extremely helpful in getting to know whether the potential tenant would be right for you. Check their references, if you can get in touch with their previous landlords to see if they seem to be a reliable and fit tenant.
Taking a credit check on your potential tenant will also help you understand their financial situation and whether they will be able to afford your property. However, sometimes this may be an unreliable indicator as sometimes they may just not have a long credit history. Therefore, it’s important to cover multiple grounds.
It’s also possible to do a quick Google search on your potential tenant. It’s common for people – especially younger people – to have a lot of information online. This is another ground to cover when looking to see if the tenant is right for you. When vetting a tenant, it’s extremely important to be as thorough as possible. You want to avoid being scammed or left with a tenant that won’t pay at all costs.
With all of this, it is paramount to ensure that you are not discriminating on basis of gender, race, sexuality, disability, nationality or religion.
Consider requesting a guarantor
If necessary, asking for a guarantor would also be helpful in ensuring your tenant is perfect. This is especially important if the tenants are young. You don’t want to risk having a tenant who is unreliable with payments.
Don’t rush to sign away your property. Make sure you take your time with the decision before committing, as then you will be stuck with disaster for how ever long their tenancy is. Always listen to the advice of your agent and listening to your gut and instincts is important – if all the referencing looks great but something doesn’t feel right to you, it’s best to ask more questions and do more research than signing a contract.
Consider using an experienced letting agent
Finding good tenants isn’t always easy so it’s also worth speaking to a local, experienced agent to find out how they can help you. They will be able to provide you with the best advice for advertising your property properly, carry out through background checks and ensure you have a suitable tenancy agreement in place.
If you’d like to speak to our dedicated lettings team, please call 01904 629629.