How to Choose the Right Tenant When Your Property is in High Demand
If you have a house or flat to let (or relet), then chances are you’ll have many applicants to choose from. Here are some thoughts on managing the process and selecting the very best tenant.
Have a great ‘to let’ advert
Have a detailed and accurate description of your rental, along with good photographs.
This helps by ensuring that only those tenants for whom the property is suitable apply.
Tip: Consider stating a minimum monthly income. Two-and-a-half times the monthly rent is one rule of thumb, as it helps ensure everything is affordable.
Take your time
The first potential tenants may be the most enthusiastic, and could want or need to move in ASAP, but they might not necessarily be the best.
Ensure your property is on the market for a reasonable period, ideally a couple of weeks, before making any decisions.
Pre-screen
Ask for a few basic details about the applicant in advance of them completing a full application.
Request the names of individuals interested in the property, their current addresses and employment and/or income details. Inquire about their renting history (if any), reasons for moving and how long they’re thinking of staying.
Tip: When pre-screening, be careful not to discriminate. It can be illegal.
Meet applicants in person. Invite them to a viewing
First impressions count. A face-to-face meeting should give you a good insight into potential tenants.
If several people will be living in the property – for example, partners, children and the mother-in-law – invite them all to come along so you can get a better insight.
Check social media
Although some might consider it sneaky, it’s not unreasonable, and it’s perfectly legal to check publicly available social media.
Social media profiles could help identify unsuitable tenants. They could also benefit the good, reliable ones by corroborating the information they have given.
Conduct careful referencing
Before signing a tenancy agreement with your preferred tenant, undertake careful referencing checks. For example, carry out checks with their employers or previous landlords, as well as financial checks and official Right to Rent checks.
We hope you’ve found this guide useful. If you don’t want to handle all this work yourself, then consider using a letting agency. In addition to helping with tenant selection, a good letting agent can advise you on rent setting, marketing and how to comply with the latest regulations. Why not contact us today?
Help a friend. If you know a landlord with a property to let, please help them out by sharing these tips.
