When you are renting out a property that you own, one of the most important parts of the process is to make sure that the tenant that you take on is a good tenant. A good tenant is one that is responsible and that you can trust to look after one of your most valuable assets, let you know if there are any issues, and pay their rent in full and on time every single month.
Of course, there are more good tenants out there than bad ones, but how do you know whether the one that you choose is not going to leave you in a mess? Let’s take a look.
What makes a good tenant?
- Someone who will communicate with you - if they notice that there is a leak coming from somewhere or that the boiler is making an odd noise, hey will let you know so you can get it sorted before it gets really expensive
- Someone who will keep the property in good condition - they don’t have to keep it as a show home but take pride to keep it clean and habitable, and not intentionally cause damage.
- Someone who pays the rent - you really don’t want the hassle of having to chase them every month because they haven’t paid
- Someone who is prepared to be flexible - as a landlord, you want to get any issues sorted as soon as possible, but sometimes things can take a little longer than anyone would hope. A good tenant will understand this and be prepared to be flexible.
- Someone who sticks to the terms of the contract - did you state no smoking in the property or no pets? You want to make sure that your tenant sticks to this. After all, you put the clause in there for a reason.
But how do you go about finding a good tenant?
That can be the hard part if you are trying to do it all yourself but experienced letting agents will know what to look for and how to sift out the bad ones from the good. They are also great at helping you to manage the property and sort out any issues on your behalf. A good independent letting agent won’t treat you as just another number on their books, but a person with a valuable asset that you want to take care of.
Other things that you can do to maximise the chances of finding a good tenant include:
- Advertising as far and wide as possible: letting is a business and, as with every business, marketing is important. The more you advertise, the more people you will reach and increase the chance of getting a good egg.
- Carry out thorough checks: if you use a letting agent, they will do this on your behalf, but otherwise - carry out affordability and credit checks, proof of income, references from employers and former landlords, and if necessary, guarantor checks.
- Make an inventory: Go around the property and take photos of any marks or damage and any furniture or fittings in place before the tenants move in. You can then check this when your tenants leave to charge for any damage, if necessary
- Keep up maintenance: If the house looks untidy, run down, and generally uncared for, you are more likely to have tenants that feel the same. If you keep up with maintenance and maintain high standards, you are more likely to have good tenants.
Finding the right tenant can be a challenge but choosing a reputable and experienced letting agents such as TN Lettings Ltd will take a lot of the hassle out of the process for you.