5 Top Tips on Finding Great Tenants

Finding great tenants is the most important part of letting your property.

As a landlord, the last thing you want is tenants who don’t pay their rent, trash your most significant asset, and generally cause problems one way or another.

The difference between good and bad tenants is the difference between successfully and unsuccessfully letting your property.

Bad tenants can cause a great deal of financial and emotional stress, and the implications can be devastating for a property owner.

So how do we as landlords ensure that we are attracting the best possible tenants for our properties? How do we find GREAT tenants?

Here are 5 tips to help you do just that.

1. Know your market and price the rent fairly

Making sure that you have done your research and that you know the current market value and likely tenant demographic will enable you to price your property fairly. This is crucial if you want to attract the maximum number of applicants to choose from. There is a common myth that the higher the rent the better the tenant, but this is not true. The best tenants, (who will look after your property) may not be the ones willing to pay a premium, and the larger the choice of applicants the more likely you are to find a great tenant.

2. Advertise in as many places as you can

The more applicants you attract, the more choice you will have and the more selective you can be. So, advertise everywhere! Most of your potential tenants will be searching for property online so it is essential to use all of the main online property portals:

• Rightmove
• Zoopla
• Rentify
• Prime Location
• Nethouseprices
• OntheMarket
• Gumtree

3) Provide Quality Accommodation

It has become increasingly difficult to buy a home, which means tenants are looking to rent for longer periods of time. Therefore, they are more selective when choosing a rental property. Providing a high standard property that is newly refurbished with an up to date kitchen and bathroom will attract more interest from potential tenants and will give you an edge over your competition. Adding good quality, matching furnishings, and dressing the property in a bright, modern, and appealing way will also help. Be sure to provide the property in a spotless condition with everything in working order. This will encourage the tenant to keep it that way. If the property is a bit shabby, kinda dirty, and some things aren’t working properly it gives the impression that you don’t care about it, so your tenants attitude is likely to be something like: “If the landlord doesn’t care about it, why should I?” and that’s not going to turn out well. Make sure you keep the property well maintained moving forward too. Make sure you are available, and that the tenant feels comfortable contacting you with issues. Communication is very important; you want the tenant to tell you about that leaky shower – or a £50 maintenance issue could soon turn into a three-figure pain in the ******* !!

4) Do thorough reference and background checks

Make sure you do all the relevant third party referencing and checks via credit referencing agencies. You will need:

• Credit check
• Bank validation check
• Background search
• Financial sanctions check
• Current and previous landlord reference
• Employment check
• Affordability calculation

There are many possible reasons for tenants not passing the checks and sometimes you might feel that they would still be a good choice even if they have failed. In this instance it is reasonable to request a UK based guarantor, who would also be reference checked. Similarly, they could pass the check with flying colours, but something just doesn’t feel right to you. It is ultimately your choice as the landlord, who moves into your property, and the strongest indicator of a tenant’s suitability is your gut instinct about them, so use it.

5) Face to Face Viewing

This is a difficult one in view of the current circumstances, but I would still say that a face to face viewing with your potential tenants is vital. Arguably the most important step of all. If you simply cannot meet them face to face, then make sure you video-call them. Nothing beats meeting a person one to one, to give you an indication of their suitability as a tenant. Are they scruffy? Were they late? Shifty? Uneasy? Check for good eye contact and honest conversation. You are looking for an open, easy to talk to person who shows that they care about their appearance and the way they come across. You want a tenant who happily communicates with you, as this is a sign that they will continue to be open, honest, and easy to deal with throughout the tenancy. An individual meeting is by far the best way to enable your gut instinct to tell you if they are the right person or if you should steer clear. A viewing is also an excellent opportunity to find out how long the tenant is planning to rent, who will be living in the property, and why they are specifically interested in your property. These are all good indicators when selecting a tenant.

Good luck with your search for great tenants!