How to find a great tenant and have a successful tenancy.
So you’re a landlord? Maybe new to the game or experienced but have had a previous bad time with a tenant otherwise you probably wouldn’t have clicked on this article! Read on to find out how to find a great tenant to start with and then have a successful tenancy.
I’ve had over 15 years’ experience renting property in Flintshire both as an agent and a landlord myself and there are some easy guidelines to follow to ensure you end up with a good tenant who looks after your property and pays you on time every month.
Golden rule 1 – It’s a simple saying but I’ve used it many times – bad house = bad tenant. Good house = good tenant. It’s not everything but I can almost guarantee that if you rent out a property in poor condition the only people that are likely to take it are people that don’t value where they live too much which leads to a multitude of problems. On the flip side if you rent out a lovely property then lovely people are likely to want to live there!
Golden rule 2 – Never rent to a family member or friends. Ask yourself how bad you would feel if you rented the house out to close friends and they fell into financial hardship? The first person they approach is you for a rent free period. Or how awkward would you feel if at the end of the tenancy they’ve damaged the property.
Don’t put yourself in this position! I’ve come across literally dozens of people that have rented to friends or family over the years and almost all of them have regretted it.
Golden rule 3 – Thoroughly vet your tenants or ask a letting agent to do this on your behalf. Here at Keystone we have very stringent processes to make sure we get the best tenants possible for our clients. We will scrutinise any potential tenants' bank statements for example to see if there are any unusual spending patterns. We’ll do employment and landlord referencing even going as far as checking the potential tenants previous landlord not just their current landlord as you sometimes get the real picture from the previous landlord as the current landlord may just give them a good reference to move a problem tenant on!
Golden rule 4 – A good fully detailed inventory backed up with photos of every part of the house signed by the tenant. This is important and a lot of judges will rule one way or another (if there is damage and it ends up in court) depending on how good and detailed the inventory is. Our inventories have been legally checked so that if there is a problem then it would be resolved in your favour.
Golden rule 5 – Check the property at least once every six months. This can seem like a bind but it’s important the tenant is conscious that you will be coming to check over everything as they’re far more likely to report anything that’s broken and look after the property better.
So there you have my five main tips for making sure you firstly get a good tenant then have a successful tenancy. If you need any advice or want a no obligation chat please feel free to call me.
Kind Regards
Ben Roberts
Managing Director