Finding tenants – our top tips
Finding the right tenants for your property may not seem like an essential task but you as a landlord should take more interest on who they are handing their keys over to. As a letting agency that manages properties all over Newcastle, under let only and fully-managed agreements, tenancy checks is something we deem to be experts at. The following checks are usually carried out by ourselves, which means a lot less stress and time wasted for you, but if you are an independent landlord here is our professional advice:
Carry out a credit check
If you have worries about potential tenants not being able to pay rent on-time consider undertaking a credit check. This will not only put your mind at ease but also minimise the risk of tenants mistreating you. Treat this as a sensitive subject, as not all tenants will be willing to hand over credit card and bank statements. Gently remind the tenant without this check you will not be able to proceed with the tenancy.
Don’t skip reference checks
You wouldn’t be granted a job without positive references, the same is for your tenants. Although your decision shouldn’t be based on this check solely, it definitely helps when you are on the fence or deciding between two tenants. References allow you to get a better understanding of what they’ll be like in your property.
Look for longevity
A potential tenant that has had previous short tenancies may indicate issues if you are looking for a long-term tenancy. This is where reference checks with past landlords will help you decide whether potential tenants have left previous tenancies under the right circumstances. Discuss with the potential tenant and get to know them to understand whether a long-term or short-term contract will suit them best.
Let to the tenant that best suits you
Ultimately before looking for tenants you should have a clear idea of what you want from the tenant and tenancy – whether that be a short-term or long-term let, professional or student, even down to the little things, pets or no pets. You should trust your gut, usually first instincts will not lead you astray. How smooth the tenancy will be, will rely on your relationship with the tenant, therefore it’s important you are happy with the individual/s.
If you would like any advice contact our team here.