Having a residential property is one thing, finding the right tenants is another altogether. As a landlord, you must have given a thought to how to choose the best tenant for your rental property. While the thought of earning a rental income from your property is an enticing one, some tenants have the potential to make your life a living hell. With the high demand for property to rent ever increasing, it is essential that you take as much time as possible to ensure that you find the most suitable tenants.
How to choose the best tenant for your rental
Here are some of the best tips to help choose the best tenants for your rental property:
Any landlord should be concerned with a potential tenant’s ability to pay the rental amount. In this regard, you may want to check the credit history of all potential tenants. The good thing is that the letting of the property is at your discretion and not the tenants. If a tenant is unwilling to share their credit history, this could be a sign that they have something to hide.
If an applicant does not have a permanent job, it is highly likely that they will start defaulting on rent payments in a matter of months. You do not want to start dealing with evictions within a few months of a tenant coming into your property. You also should beware of tenants who are constantly moving jobs. They are never the best candidates.
“Right to rent”
Legally, before someone moves into your property you must check if they have the “right to rent”.
If a person had problems paying rent elsewhere, it is very likely that they will have the same problems again. So, if you can find their previous landlords, you may want to know their prior history before deciding whether to rent them your property. You also need to know why they are moving house. If they have been evicted, find out why.
Use an agency
A letting agency is a great way to avoid the stress that comes with finding suitable tenants. Other landlords can help you find the most suitable agency. Before you reach an agreement with an agent, make sure you understand the cost implications and how comprehensive the service is.
Take your time
It is always tempting to want to fill up any available space as quickly as possible. This can have some implications on the quality of the tenants that you will end up with. Take your time to decide which tenants you feel comfortable to let your property to.
If you have ended up with the wrong tenants, all is not lost. Get in touch with the Able Investigations team and we can help advise you on your situation as well as how to choose the best tenant for your rental. Call us on 0845 370 7401 or fill out our contact form.