The most important part of renting out a property is ensuring that you find good tenants to move in – but, of course, this is often easier said than done and it can be very distressing if you make a mistake, leading to potential financial losses, damage to the property and rising stress levels.
When looking for tenants, it doesn’t just come down to strong references and affordability checks. There are plenty of other signs to look out for that will indicate whether the people you’re considering are a safe investment.
Sourcing tenants
Strong communication skills are key and you should be able to tell if this is the case early on in the process. If people are on time for appointments and viewings, and if they’re responsive to emails, texts and phone calls, this is a great sign.
This can establish trust very early on and potential tenants that demonstrate this skill in abundance will be more likely to seek permission if they want to make changes to the property that’s not covered in the tenancy agreement, will be more likely to let you know of any changes in circumstance that could affect rent payments and they’ll be more likely to let you know of any issues with the house with expediency.
Another sign to look out for are tenants that ask lots of questions about the house, where facilities like the stopcock are, how the heating works, what their responsibilities are and so on. This indicates that they’re interested and enthusiastic about the house – and that they’re well prepped to look after it as though it were their own.
However, when it comes to screening prospective tenants, the most important step to take is sourcing references and checking their credit history. Talk to their previous landlords to find out what their experiences have been, as there’s no better way to get a reading on someone and how they’ll treat your property.
Credit checks are an absolute must, as well, so you don’t have to worry that people won’t be able to pay their rent each month. It can be very difficult to manage the situation if tenants fall into arrears, so this is something to avoid whenever and wherever possible.
While it can be tempting to do everything electronically, it’s always advisable to meet your potential tenants if you can, as this will help you build up a better picture of what they’re like and how well they’ll look after the house.
Make sure you ask them questions like why they’re moving, what their previous home was like, how they’ve found renting before, what professions they’re in, how long they’ve held their jobs for, what their future plans are, what their hobbies are and so on.
Of course, all of this is something that a lettings agent can do on your behalf, making the process a lot easier and far more efficient. If you’d like to find out more, get in touch with the Moore & York team today.
