0:00 – Intro
1:17 – The Science, what you SHOULD do
2:27 – The Art, what does this mean
2:44 – The Art, what to look for at a viewing
3:04 – The Art, Tips for Family Lets
3:17 – The Art, Tips for HMOs
4:12 – Why tenant selection is so important
4:45 – We can help and support you
Tenant selection is probably one of the biggest talking points with every new landlord we work with. It is also one of the things we get asked most about on social media. Everybody wants a magic bullet and the single answer to finding perfect tenants.
While we do have a robust and refined system for finding great tenants, I am sorry to say there is no magic bullet. Finding great tenants is an art form that requires a scientific approach, continual improvement and ensuring that all relevant regulations are met.
Let’s start with the science, by law when choosing your next tenant you MUST:
- Ensure they have the right to rent in the UK.
That is it. But, is that enough? NO.
If you don’t ensure they have the right to rent, you may get a 5 year custodial sentence and a hefty fine. However, if this is all you do, you could land yourself with a tenant from hell.
We recommend that you do the following when choosing any tenant:
- Meet them, usually at a viewing
- Ask them for 3 months bank statements
- Speak to their employer (if you can)
- Speak to their previous landlords (if you can)
- Fully reference them for a full 360 report, not just for CCJs
- Create an inventory for the property
- Take a deposit of 1 month’s rent
These simple things alone will dramatically reduce your chance of getting a bad tenant and ensure that the “conmen” out there decide to rent another property… not yours.
You should also make the renting process as simple and efficient as possible, so you don’t lose great tenants, because renting with you is too convoluted.
Now, onto the art...
This is much harder to stratify and has been learnt through many years hard work, but we have several key tips for you:
- Reframe the “I need to fill this property” mentality and change it to “Do I like this person, would I want to live with them?” Often, mistakes are made when landlords are desperate to find someone.
- The Shoe Test – take your shoes off at the door when doing viewings and see if the prospective tenant offers to do the same. If they do, that is a big tick.
- Don’t wait until the viewing, generally you will know if someone is going to be a good fit BEFORE they come to view the property. Look out for manners, information, respect… All simple things, yet people forget them when choosing tenants.
- With Family Lets, see as many people as you can. Often, inter-family dynamics will tell you A LOT about how they will be as tenants.
With HMOs, consider their work patterns, their hobbies, and if possible, arrange viewings when the other housemates are in. If a new tenant is going to upset your household, they are not right for that property.
If you would like to know more or would like some help with:
- Compliance on your property
- Solving a tenant concern you have
- Finding a new tenant
- A hands-off passive management solution
We are here to help and support you, contact us now or book a call.
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