How to find good tenants: The 7 step guide that could save you thousands
The million dollar question to which every landlord would love the answer and the golden ticket to hassle-free renting out of a property. But how do you ensure you get the tenants you want?
Whether you are a professional landlord or simply fell into this, everybody wants the best tenants, those that will stay for 5 years, pay the rent on time every time, only call to wish you a happy birthday and repaint before they leave. But, of course, this isn’t the name of the game. The best thing every landlord can do is minimise their exposure and understand the risks of letting your property to the first person that comes along. Additionally, not carrying out the correct checks or not letting to the right type of tenant are common mistakes.
We will try to give you the low down below to help you reduce the chance of having a rental nightmare.
The key to having a risk-free rental experience is to make sure your property will attract the right tenant. Those properties we see where the landlords have really taken care of it, repainted when needed, had it cleaned before each tenancy and got rid of all the brick a brack really do get the best tenants who treat properties with the respect they deserve.
Make sure you use an agent you trust, one that has your properties best interests at heart and not just the commission they will earn if they let it ASAP.
Do references and credit checks and speak to the previous landlord. Anyone can send a quick ‘they were fine’ email, but does this really give you the true story? Pick up the phone, make a quick call and potentially save yourself thousands in eviction costs because you just let to a serial fraudster who gave his 8-year-old child as a referee!
Let to the right number of people at the right price. If you have a small 1 bedroom flat do you really want 4 sharers in there? If you make the choice to do that you have to understand the additional wear that will happen and be prepared to have to make good again when they leave. They also won’t respect the property if they feel they are being exploited.
Always use the best most up-to-date tenancy agreement with the right clauses that protect you. Follow the legal steps you need to take at the start to ensure that if you need too you can take back possession of your property. Indeed, have you issued a section 21, a ‘How to rent’ guide? Have you protected the deposit and advised the tenant and so on? All of these things are legal requirements and what good tenants will expect you to do.
Make sure that they sign off on the inventory at the start of the tenancy. This avoids any arguments when it comes to the deposit release.
The ultimate advice is to trust your instinct. If it doesn’t feel right it probably isn’t and do you really want to enter into 6 months of very expensive wrangling’s to get them out of your property when things start to go wrong?