Finding the perfect tenant is the goal of every landlord or investor. The ideal tenant pays their rent on time every month, takes good care of the property and moves out when the tenancy comes to an end. However, it is far from easy to actually find tenants who tick all the boxes. Here are some of the things you as a landlord can do to make sure you're less at risk of finding the wrong types of tenants.
Look at tenant's rental history and references
It is essential to carry out the appropriate checks before considering any potential tenants so you avoid problems with the tenancy. Ask the potential tenant for a reference from their previous landlord, their flatmates and their employer. This will give you a better idea of the type of person they are, for example, are they a reliable and responsible person?
Perform checks on the tenant
It’s also advisable to check a potential tenant's credit history. This will give you a good indication as to where they stand financially such as if they have accumulated any debts or outstanding payments as well as how good they are at managing their finances. You also want to make sure that you are provided with evidence to prove that the potential tenant has a steady income or some means of paying the rent and you can carry out an identity check as well. This will all help you to determine whether a potential tenant is suitable for your property.
Protect your investment
Tenants come in all forms and it’s no secret that some tenants can be seen as a higher risk for landlords than others. For example, most landlords prefer a tenant who has a steady income, can provide references and has a good credit score. Nonetheless, it is important to protect your interest as a landlord no matter what type of tenant you have. After all, just because a tenant looks good on paper doesn’t mean that they are the right tenant and it does not guarantee a stress-free or smooth tenancy. Make sure you have some safeguards in place such as a deposit, a guarantor or even a rent and legal protection product.
Always take a deposit
Taking a deposit helps to keep you protected should things not go to plan. It gives you peace of mind that if your tenant fails to take proper care of your property, you have a means to rectify this.
Consider instructing a letting agent to act on your behalf
Instructing an agent to manage your property on your behalf, can be a great solution for many landlords or property investors, especially if you have a portfolio of properties to manage or live outside the country. Experienced lettings agencies are very knowledgeable and skilled at finding tenants and can help you to conduct a thorough screening process. They can also offer comprehensive property management services meaning they can manage your rental property for you and some can provide excellent rent and legal protection products.
Meet the prospective tenant
It is always important to meet any potential tenant in person so you can determine if they are definitely the right fit for you. Meeting face to face also gives you a chance to better understand the tenant and their background. Furthermore, it is an excellent opportunity to gain an insight into their plans for the future, such as how long they plan to be a tenant in your property.
Remember the tenancy agreement
Having a written tenancy agreement is one of the most essential steps when renting out your property. The tenancy agreement does not just lay out the rules and expectations of both parties; it also protects both parties.
It is also important to consider that without a proper written & signed tenancy agreement, both you and the tenant will be vulnerable from a legal standpoint.
Are You Looking for tenants?
haart has the UK covered with over 100 branches nationwide. Whether you want to buy, sell, let or rent, our friendly, professional staff are available seven days a week to help. Contact Your Local Branch Today