The Best Tenants Are Available On The Market Somewhere. Just How Do You Reel Them In?
Fri, 9th November, 2012
Just as you would want the best contractors for a job on your property, you would like the best possible tenants to live in it. You should make sure that your property is cared for, that you simply don’t have to follow them for rent; you virtually want to move them in and never hear from them again. So many other landlords have put the hours in, working very, very hard and investing a lot of money to nail down those perfect tenants.
Where your property sits in the marketplace certainly is the initial thing to look at. You have to first make sure that the quality and finish of the property is of a very high standard. You then need to look at the area of the property, whether or not there are sufficient travelling links for just about any potential commute and whether you will find any annoyances such as train lines or playing fields nearby that may put off prospective clients. If a landlord insists in asking for unreasonable rent, eventually he'll be forced (if he wants to stay away from a void property), to lower the price and make a choice from a substantially smaller pool of applicants.
However, not all landlords may agree, using a letting agent can certainly be a excellent way to maximize your chances of securing great tenants. They work with tenants day in and day out so they know immediately whether they would be suitable for your property. It doesn’t make sense for them to forward on poor tenants as they won’t get paid their commission if they do so. Also, they give you back the time you would have spent interviewing 25 candidates purely to find the one ideal tenant, so when you look at it that way, a little commission can seem like a acceptable loss!
A determination to engage with your tenant and be aware of what they want is key. For example, a TV that was good enough 5 years ago might turn away tenants that are looking for a new one. The same applies to any other furnishings that come with the property, an old analogue TV rather than a flat-screen would be a good example. Things like the fridge, oven, shower all need to be in working order, otherwise you risk deterring your potential tenants away. A nice new bed and 3 piece suit could well be a good idea.
Your future tenants have to be honest and able to afford to live at your property. Checking your tenants’ solvency might not be required, but you will find that it saves any potential for problems in the future in the tenancy. You could pay for an official credit check but these can be a costly exercise, assuming you are happy with your initial judgement, just ask for some evidence of employment and maybe a bank statement or two. The referrals are very important, be sure to contact them before signing the contract, you will be surprised the frequency of which references are faked; this will likely be a sign of a bad tenant.
Where your property sits in the marketplace certainly is the initial thing to look at. You have to first make sure that the quality and finish of the property is of a very high standard. You then need to look at the area of the property, whether or not there are sufficient travelling links for just about any potential commute and whether you will find any annoyances such as train lines or playing fields nearby that may put off prospective clients. If a landlord insists in asking for unreasonable rent, eventually he'll be forced (if he wants to stay away from a void property), to lower the price and make a choice from a substantially smaller pool of applicants.
However, not all landlords may agree, using a letting agent can certainly be a excellent way to maximize your chances of securing great tenants. They work with tenants day in and day out so they know immediately whether they would be suitable for your property. It doesn’t make sense for them to forward on poor tenants as they won’t get paid their commission if they do so. Also, they give you back the time you would have spent interviewing 25 candidates purely to find the one ideal tenant, so when you look at it that way, a little commission can seem like a acceptable loss!
A determination to engage with your tenant and be aware of what they want is key. For example, a TV that was good enough 5 years ago might turn away tenants that are looking for a new one. The same applies to any other furnishings that come with the property, an old analogue TV rather than a flat-screen would be a good example. Things like the fridge, oven, shower all need to be in working order, otherwise you risk deterring your potential tenants away. A nice new bed and 3 piece suit could well be a good idea.
Your future tenants have to be honest and able to afford to live at your property. Checking your tenants’ solvency might not be required, but you will find that it saves any potential for problems in the future in the tenancy. You could pay for an official credit check but these can be a costly exercise, assuming you are happy with your initial judgement, just ask for some evidence of employment and maybe a bank statement or two. The referrals are very important, be sure to contact them before signing the contract, you will be surprised the frequency of which references are faked; this will likely be a sign of a bad tenant.