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As a landlord, what are the most important things to you?
The answers are usually Rental Yield, Right Tenant and Peace of Mind – and, as a landlord myself, I have to agree.
We often work with agents who don't quite meet our expectations. Yet we feel trapped and don't have the time to search for an alternative. Switching is just too much trouble.
As a landlord, I imagine you want to attract a tenant that is respectful of your property. That pays the rent on time and looks after your property as if it were their own home. We have all heard of times when this has gone wrong, you may have experienced a ‘difficult’ tenant yourself. One thing you can be sure of is that you can’t hundred percent know how a tenant will be until they are living in your property. Despite this there are many things you can do to try and limit getting the tenant from hell.
Here are our top tips to help you find your Right tenant:
1. Perfect your presentation – if you want your tenant to take pride in your property and keep it looking spic and span it must be well maintained, clean and appealing to begin with. Set the example of the condition you expect your property to be kept at. Obviouslywear and tear is part of letting a property but after each contract has expired freshen it up. Deep clean and give it a coat of paint. The better your property looks, the higher rent you will be able to command and you are more likely to attract the right tenant. Keep your standards high and present your home as perfectly as you can.
2. Ask around - speak to friends and family to see if they know of anyone who is looking for a rental property. A tenant is more likely to look after your home and pay the rent on time if you have friends in common. If not, they will fear the impact this would have on their social circle.
3. Who is your ideal tenant? It is important that you ask yourself this. This is a great starting point for thinking about the kind of person you want to attract. Ensure that your house suits the type of tenant you want. So, for instance, a 1 bed flat is not going to attract a family. Be realistic within the constraints of your property – who would be your ideal tenant? What kind of person can you imagine living there? Where would they work? What would their interests be? Build a picture of your dream tenant in your head and try and really understand them. Some of this may seem irrelevant but it will help find your ideal tenant when we look at the next step.
4. Now think about how do you get to this tenant? If you are advertising your property yourself and not through a letting agent, you will not be able to advertise on Rightmove. To grab your tenants eye, you will have to be creative in how you reach them. There are of course other online sites where you can list your property for sale and the local newspaper but think a bit deeper than this. If it is a family you want to attract, where would they hang out? Where are they likely to work? Maybe you could advertise on the local school notice board or the local soft play centre. Get creative. Social media is a wonderful way to do this. You could target certain groups through Facebook and ask them to share your property advert post.
5. When you do put an advert out there make sure you are ‘talking’ to your ideal tenant through your advertising. So, using a family as an example, make sure your photography and written description show how your home would be ideal for a family. Use words that they might use. Include information about the local area that would appeal to them. Really try and draw your target market in. Make your advert interesting and applicable to them.
6. When you get interest, ask each applicant to fill in an application form. Apart from the obvious contact details, the form should request information such as current and previous employment, personal references, previous landlord details, current household salary and any credit issues. This information is vital to build up a picture of the applicant.
7. Using the information, you have gathered, check the background of the applicant or applicants. Request references from landlords and employers. Check that they are in current employment and double check all the information on the form is correct. If they have covered something up then it may set off alarm bells in your head. We advise that an affordability check, credit check and Right to Rent check are all covered off before allowing anyone to rent your property. A local letting agent will be able to help you with this, there will be a small charge but it is worth it. You could find yourself in hot water if these checks are not done.
8. After completing the background checks you should have a shortlist of tenants. Next, meet them face to face (if you haven’t already). There is no better way to suss a person out than by meeting with them. Meet them at the property and have a cuppa. Just say that you like to meet all your tenants before deciding. You should get a good feel for someone this way, your intuition will tell you if they are right. It’s important that you have a good relationship with them if you are going to be letting your home to them. This is a great way to start, so long as it’s a relaxed, casual meeting not the Spanish Inquisi
9. You could always agree to a six-month contract to test the tenant out. Waiver any charges to extend the contract if after six months they have been a good, reliable tenant. This will also give the tenant peace of mind that you are a good landlord for them.
10. If all of this sounds like hard work. You could employ the services of a letting agent. Most agents offer a tenant find service and/or ongoing property management service.
Whilst it is cheaper to manage the process on your own, your local letting agent will be able to offer a wealth of experience and knowledge to support you. They can advise on your rights and responsibilities as a landlord. Keep track to make sure you are compliant.
Perform all the background checks. And advertise on the popular property portals such as Rightmove to ensure your property is exposed to as many potential tenants as possible.
Are you looking for your ideal tenant and need help finding them? We’d be happy to help.
Send us an email at contact@ulivinlets.com or give us a call on 01865 575 411
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