Expert Tips from Property Management Specialists
Of course all landlords want good tenants who look after the property and pay the rent on time every month – and most landlords will have a tale or two of what happens when you don’t get one!
A good lettings agent can conduct all the checks that you need to ensure that your prospective tenant is solvent and reliable. Their years of experience should also have honed their instincts to pick up on some of the less obvious signals that a tenant is or is not a good bet.
The Best Kinds of Tenants
Obviously each tenant is an individual and you cannot ever know for sure if they will be reliable and trustworthy, but there are certain categories of tenant that tend to be more attractive than others:
- Families: they tend to want to settle for longer periods and to make the place their home – making them more likely to look after it;
- Retired couples: they also tend to stay for longer, they often have a long rental history that you can check and they really know how to look after a place – why do you think B&Q hire so many retirees?
- Corporate tenants: often these are rented on behalf of staff from overseas who are relocating with their families and want to stay for at least two years. If a relocation company is involved, there’s more opportunity for comeback if things go wrong
Not only do you want your tenants to provide good references, but do check that these references are valid (and not provided by friends and family!).
Proper credit checks are another essential and – if you have any concerns (or if your tenants are new to renting and have no landlord references) you may want to request Employer References.
When you’ve invested a lot in a property – both buying it and getting it ready to market – it’s tempting to want to maximise your return by letting it at the market rate. But if your property is priced high, it may lie empty for months, reducing your return massively.
Look at the going rates for properties in your area and then consider knocking off £25 – your property will let quicker (therefore saving money on those empty months) and your tenant will feel they got a good deal and be more likely to stay.
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