How can landlords know if they are getting a ‘good’ tenant?
A landlord has two critical decisions to make when it comes to renting out a property.
A landlord has two critical decisions to make when it comes to renting out a property.
Both these critical choices can have significant impacts on their health, wealth, and quality of life.
If a landlord chooses the wrong letting agent and then compounds that decision by renting to a tenant who has not been appropriately vetted, one thing is usually guaranteed – a problematic tenancy.
Poorly vetted tenants often cause the most problems. Add to this that letting agencies that don’t have stringent checks in place leave their landlords vulnerable.
At LL Estates, we’ve always believed that one of the essential parts of our role as lettings agents in North Wales is to ensure the best tenants are placed in the appropriate properties.
But how do we ensure we get great tenants for our landlords?
Well, we’ve had 20 years in the property rental business, so we know what to look out for.
The first stage of the vetting process is the initial enquiry.
Be it a call, email or someone popping into our office we’re always seeking clues to show us whether they will be a good or bad tenant.
What makes a good tenant?
Simply someone who pays their rent on time, respects the property, is reasonable to deal with and no hassle to the neighbours.
These are all factors which will contribute to a successful rental.
The next step of the process is one where less well professional or experienced agencies often fail.
A rigid referencing process is vital for ascertaining credit history as well as ensuring the tenant has the means to pay the rent.
Referencing covers employment, credit, and previous rental history, and while it is essential, it’s not always a 100 per cent guarantee that the tenant will be a good one.
But when done correctly and used with the first step of the process, it is usually a good indication of the calibre of the person applying to rent your property.
Once a tenant has been selected, the property needs to be professionally and ethically managed.
We advise landlords against keeping a tenant waiting for an unreasonable amount of time for a washing machine/boiler repair, etc., as this often leads to problems and ill-will in the future.
Getting the Price Right
If a lettings agent overprices a property’s rental value, it can lead to extended void periods.
These costly episodes put pressure on you as a landlord. They also mean the letting agent needs to fill the void as quickly as possible, and this can mean the vetting process is not adequately carried out.
Which as we said at the start of this article can lead to a lot of trouble.
We hope this article helps you feel a little more informed about the decisions you need to make as a landlord.
If you have any questions whatsoever, feel free to get in contact with us. We’re here to help you find the best tenants and look after your rental investments.
All the best Louise, Fiona & the team