How to Choose the Right Tenant
Got a property on hand and are wanting to bring in some additional income? Renting out your property might be the perfect solution for you. Horror stories of nightmare tenants are worryingly common on the property market with landlords not finding out vital information on their tenants until well into their letting term or finding that their property has been left in a state of total disrepair, a point at which it is already far too late.
Choosing the right tenant can be a challenge which is why our team at Hadleigh Estate Agents are on hand to provide assistance and – if you so wish – carry out the entire process for you. Regardless of whether you choose to make use of our service, you may wish to keep in mind the ways in which you can find a good tenant.
Hold a Meeting
The best way to formulate an opinion on someone is to meet them face-to-face. While they will no doubt be incredibly busy searching for a letting property, you should at least try to briefly catch them before agreeing to anything. Holding a meeting is a great way to get to know your prospective tenant while also enabling you to get a gut feeling of how trustworthy they may be.
Ask the Right Questions
Carrying out some level of communication with your potential tenant is an absolute must. This is a person who will be living on your property and you should therefore try and learn as much about them as possible. There are several questions you may wish to ask before you settle on a tenant;
- How comfortably will you be able to afford the rent? Discussing their income is key, you want to ensure that rent constitutes around a third of their monthly income to make sure they can afford to pay every month, even if something does go wrong.
- What was the state of your last property? This question may encourage dishonesty as a potential tenant is unlikely to admit that they didn’t take proper care of their previous If you can get your hands on information or pictures of their last home you may be able to flag a tenant who won’t maintain the property.
- Why do you want to move? While this is a super simple question, it can tell you a great deal about your potential It may come down to something as common as needing additional space or moving for work, but it can potentially hide something far more sinister.
Carry Out Due Diligence
The most challenging part of finding a suitable tenant is gathering all of the necessary information and carrying out a series of checks to ensure their trustworthiness. Criminal background checks, rent history, right to rent, credit checks, income checks and employment history constitute most of the information which you may wish to collect.
The more informed you are about a potential tenant, the more likely you are to notice if something doesn’t quite add up.
Follow Laws and Regulations
There are many elements to property law, all of which have to be comprehensively met in order to avoid surprise legal fees and court visits. Many landlords look to consult with a solicitor or a specialist in property law before they rent out a property, this ensures that they are not in breach of any guidelines and can begin their search for a tenant in earnest.
Below are some of the regulations which you will need to follow:
- You must follow the Fair Housing Act, a regulation in place to discourage discrimination on grounds of race, colour, origin, religion, sex, sexual orientation and identification, disability, and pregnancy. When looking for a tenant you are unable to deny someone on a basis of what is referred to as their ‘protected characteristic’.
- Electrical and gas safety is also vital as they could potentially put occupants in harm’s way. Both electrical and gas surveys should be carried out ahead of a new tenant arriving to identify any health and safety risks, the gas appliances and pipes will then need to be checked on an annual basis.
- Once a tenancy has been agreed, a deposit will likely be put down to resolve any disputes during the term and reimburse the landlord for any missed rent, the total deposit value should be equal to five weeks rent and – unless there is a valid reason for it- should be repaid in full on completion of the tenancy
If you’re unsure of the elements comprising property law and how they may affect you, speak to a member of the Hadleigh Estate Agents team. We will offer you advice if we are able or will refer you to a specialist.
Let Hadleigh Estate Agents Handle the Legwork
Choosing a tenant is a multi-faceted procedure that can quickly become confusing. There is a plethora of information you need from someone before you are able to enter a tenancy agreement with them but even when everything may appear to be in the order you don’t really have a way of knowing before the term actually starts.
At Hadleigh Estate Agents we offer comprehensive landlord letting services through which we provide tenant referencing in tandem with an approved credit reference agency, periodic property inspections, advice on dealing with tenant requests, and many more essential services and assistance.
Our team at Hadleigh Estate Agents are well versed in letting property and can quickly identify any issues with a potential tenant, we gather all necessary information before recommending a tenant ensuring that your decision is as simple as possible. Get in touch with our team at Hadleigh today to find out how we can help you find the right tenant for your property.
Contact Us for Landlords Letting Services
If you’d like to discuss your requirements with our expert letting agents, please get in touch with us on 0121 426 3220 or you can send us an email here. We have years of experience in providing flexible landlord services and we can help you effectively manage your lettings.