Finding great tenants – a lot more than just filling a property!
Tenant selection is a critical component of property management that goes beyond merely filling a vacancy and collecting rent. It forms the foundation of the relationship between landlords, tenants, and agents, impacting the management process throughout the duration of the tenancy. Unfortunately, when things go wrong, it often traces back to inadequate tenant selection. Many landlords and agents rush through the first crucial stages, missing out on golden opportunities and prioritising speed over thoroughness, especially in high-demand areas where they might receive hundreds of applications per vacancy. However, relying solely on online forms and reducing human interaction to a brief viewing can be problematic. Such practices often turn tenant selection into a “first come, first served” scenario, where properties and peace of mind are put at risk.
Using an online form as an initial screening tool isn’t inherently wrong. It can efficiently gather basic information, but it should only be the beginning. Beyond the form, human elements should play a significant role in the selection process. One of the first things to observe is how applicants interact with all members of your team. Attributes like kindness, consideration, and politeness are important, and a good indication of these is how they treat not just perceived decision-makers, but everyone they encounter. Watch for any signs of rudeness, abruptness, or arrogance, as these traits can foreshadow future issues.
For agencies specialising in HMO (House in Multiple Occupation) management, like KPA, compatibility between tenants is crucial. Ensuring that new tenants will fit well with existing ones is just as important as ensuring that the property meets the prospective tenant’s needs. This two-way process helps in creating a harmonious living environment, which benefits everyone involved. An unhappy tenant can cause disruption, so it’s essential to consider whether the applicant will enjoy and contribute positively to the household dynamic.
Once a promising applicant has been identified, the next step is the viewing. This should be a thorough process, lasting at least 15-20 minutes. A proper viewing allows time for the applicant to ask questions and for you to assess them further. It’s an opportunity to provide detailed information about the property, the surrounding area, and any relevant details about the house’s other occupants. This interaction not only helps the prospective tenant make an informed decision but also gives you a chance to gauge their suitability.
At KPA, we view tenant selection as both an art and a science. The “science” involves verifying references, checking affordability, and ensuring compliance with regulations such as Right to Rent. The “art” lies in matching the right tenant to the right property—a subjective process that requires intuition, experience, and careful consideration of both the tenants’ and landlords’ needs. When you get this balance right, it sets the stage for a positive and productive relationship, reducing the likelihood of conflicts and ensuring smoother property management for the duration of the tenancy – and this is what we’re looking to achieve, for all parties concerned, not least the tenant, as this property will be their home.
In summary, investing time and effort into proper tenant selection is invaluable. It not only protects your property and income but also fosters a positive living environment and a smooth management experience. By combining objective assessments with a personal touch, landlords and agents can create a harmonious and mutually beneficial relationship with their tenants, starting from day one.
As Landlords and Investors ourselves, we can help and advise on all aspects of your portfolio. If we can help you then give us a call on 0117 440 6789 or email us here together we can make being a landlord simple, passive and stress free!
KPA letting agents are proud to specialise in portfolio management, student accommodation management in Bristol, family lettings and HMO property management.
