Best Ways to Choose Good Tenants for your Rental Property
Rent payments made on the dot. Property taken care of. Bills paid in time. Every landlord wants to have a good tenant, but not all succeed in attaining that goal. It takes time and research to obtain an exemplary tenant. However, it can be done. Agents all over and, if in the Yorkshire area, the letting agents in Sheffield can help find good tenants for your rental property.
Explained below are some methods to find ideal tenants.
A well-phrased rental listing, giving the price, details of accommodation available, with attractive photographs highlighting the main features, will automatically catch the attention of people, creating more interest and inviting more potential renters. There is a variety of rental websites, some of which offer free listings.
Trusting instincts is natural, but a professional tenant screening will go beyond emotions and will determine the applicant’s true intent and ability to become a good tenant. The main points to cover will be:
It should be sufficient to pay the rent continuously (about 3 times the rent or more). What is the ratio of their debt to income?
Whether or not the person has the ability to stay employed. Those who frequently change jobs are likely to move out sooner. If possible, check with their prior employers to confirm the length of appointment and attendance. Cash flow and the ability to pay higher rents should also be taken into account.
- Responsibility: to take care of not only the property but the furniture and fittings as well. You can check with their previous landlords about how they treated the premises. At the same time, you can find out whether the rent payments were on time and whether they stood by the period they agreed to or cancelled the lease short-term.
A criminal background check and any history of eviction should be looked into.
- Satisfaction: with the rental price.
- Loyalty: to take a long-term lease. You can ask them whether they plan on staying or moving out.
- Agreement: with the terms of the lease contract (such as no subletting or allowing additional persons, no pets, noisy parties etc).
- Willingness: to develop a good communication system with the landlord and neighbours. This can also be checked with former landlords.
Right to rent:
Besides proof of identity, landlords in England must check that all people aged 18 or over, living in their property as their only or main home have the right to rent. This is an important factor to check out.
Upgrade the property:
A potential tenant needs to see that the property is in good condition. The easiest way is to give it a proper cleaning. A coat of paint can work wonders. Repairs and replacements should be undertaken so that all fittings are in good working order. Seeing that the property is respected and taken care of will encourage a tenant to keep up the same maintenance.
Delays in responses could result in the loss of a good tenant and extension of the vacancy. All queries should be responded to immediately and viewings arranged at the earliest mutually convenient time.
Meet prospective tenants:
By arranging viewings, you can meet the potential tenants personally, ask questions to try and find out if they are genuine, reliable, mature and trustworthy. They can be requested to complete an application form, either online or with a hard copy. If you have an instinctive liking for an applicant, you could check out the given information on their profiles on social media.
A strict rental criteria should be predetermined and all likely tenants should be held to the standards. This could include a minimum income requirement, credit rating, previous felonies and any eviction history. No discrimination should be made. If none of the standards is met, continue with showing the property.
A clear lease agreement, defining the responsibilities and rights of both the landlord and tenant is like legal protection, ensuring that both are aware of and will keep to their part in taking care of the property and other responsibilities.
In all probability, you have a clear vision of your ideal tenant. Make a list of the top 5 priorities that contribute to this and then, after some time has passed and potential tenants met, see whether your views have changed. The main aim of renting a property is to earn a monthly income with as little risk as possible. In these days of inflation, even though employment has been on the increase, the cost of living is rising and a steady paying tenant is very important. We hope the above will help you in choosing the best tenant.