How do you know if you are getting a ‘good’ tenant?
Thu 5 Oct 2017
When letting a property a landlord has two really big decisions to make.
Both these key choices can have huge implications on their health, wealth and quality of life.
It’s really no exaggeration to say that if a landlord chooses the wrong letting agent and compounds that error by going with a tenant who has not been properly vetted, one thing is usually guaranteed – trouble. And often a lot of it.
Poorly vetted tenants cause the most problems and letting agencies that don’t have stringent checks in place leave their landlords vulnerable.
At Seths, we’ve always believed that one of the most important parts of our role as Lettings Agents is to ensure the right tenants are placed in the right properties.
So how do we ensure we get good tenants for our landlords? Well, during our 47 years in the property lettings business we’ve learned (sometimes the hard way) what to look out for.
The first stage of the vetting process is the initial enquiry. Be it a phone call, email or someone popping into our office we’re looking for signs to show us whether they will be a good or bad tenant.
Experience pays dividends here.
So what makes a good tenant?
Simply someone who pays their rent on time, respects the property, is reasonable to deal with and gets on with the neighbours.
These are all factors which can contribute to a successful long term let (unless the landlord is looking for a short term tenancy).
The next part of the process is one where less well equipped or experienced agencies often fail.
A good quality referencing agent 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 very important it’s not a 100 per cent guarantee that the tenant will be a good one.
But when done properly and used with the first stage of the process it is usually a very good indication of the calibre of the person applying to rent your property.
Once a tenant has been selected it’s important for the property to be professionally and ethically managed. Keeping a tenant waiting for an unreasonable amount of time for a washing machine / boiler repair could lead to problems in the future.
We also apply a vetting process to my landlords. Someone not willing to repair or maintain their property properly will usually cut corners elsewhere and be a problem to deal with.
If a letting agent over prices a property’s rental value it could lead to extended void periods. These costly episodes put pressure on the landlord and the letting agent to fill the void as quickly as possible and this can mean the vetting process is not rigidly carried out.
Which as we said at the start of this article can lead to a lot of trouble.
Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.
Thanks for reading.
Are you thinking of becoming a landlord? Email me directly at firstname.lastname@example.org or call 0116 266 9977 for honest, expert and friendly advice.