How to Find the Best Tenants
We understand that as a landlord, troublesome tenants are your worst nightmare and the process to find a ‘good’ tenant can be particularly stressful. Your tenant is someone you will trust to look after and respect your property investment, and who you’ll rely on to pay their rent on time every month. So, how do you begin finding the perfect tenant?
From our experience of helping many landlords through this tricky process, we’ve pulled together our top tips to help you choose the best tenant for your property.
It’s essential that your screening process for your prospective tenants be the same for every person. Remember, it’s against the law to discriminate against anyone, directly or indirectly, on the basis of gender, sexual orientation, race, disability, nationality or religion.
It’s your responsibility to check that your tenant has the legal right to rent in the UK. Tenants must provide you with original identity documents (not copies) such as passports or official identity cards. If you fail to do so, you can be fined.
It’s important to perform background checks, not just for your peace of mind, but also as many landlord insurance schemes will require these as part of your cover. It’s essential to verify the tenant’s income through proof of income and copies of bank statements, to make sure the applicant has the means to pay their rent each month. A guarantor can be requested to certify and secure the rent payments. It can also be worth running a credit check through services such as Experian as well as requesting references, including from previous landlords.
A deposit acts as a safety net in case the tenant does cause any damage. There is no set amount you need to ask for, most landlords will ask for four to six weeks rent upfront. You are legally required to keep this money in a government-backed deposit protection scheme.
It’s always worth meeting your prospective tenants in person as you will get a much better impression of them face to face, rather than if you solely communicate online or over the phone. Establishing a positive relationship with your tenant from the get-go, can help to ensure that open communication lines are set up early on. Your tenant will then be more likely to contact you if something does go wrong in your property.
How Can We Help?
At ZFA, we can help you manage your property or portfolio of properties. If you’re thinking of buying to let and need advice on how to find the best tenant for your property, chat to one of our friendly knowledgeable employees – we can help you with a range of services, from rent guarantee and property management, estate agency and property investment, and commercial letting.
Contact us today if you have any questions and we’ll take care of the rest.