Dec 04, 2015
Finding the perfect tenanat can make a huge diffrence to a landlords life, the best tenants can actually save you time, money and keep your stress levels low. The fact is not all tenants are the same and that in some cases you actually increase your riasks in finding a bad tenant. Like all things preparation is key here is a guide to finding the best tenant for a UK property.
Step 1: Promotion
What do you want from a tenant? This is the first thing you need to decide as a landlord. Choose whether your property would suit professionals best, young families or even students. Think about what is in the area, the best features of your property and how you can promote these things to the right audience. For example are there schools nearby or busy bars. Is the student campus easily accessible, bearing in mind that UK students will generally want to be close to their lectures and the clubs? By promoting the right things you’ll narrow your search and find more suited tenants.
Step 2: Answer enquiries
Don’t just accept every enquiry. You could be wasting your time showing people around your property when it’s actually not right for them. So whether people enquire over the phone or via email, make sure you’re asking them questions about what they’re looking for and compare these to your property. Be polite but straightforward and answer enquiries as soon as you can.
Step 3: Flat viewing
When showing the property make sure you’re setting the right expectations and not putting the best tenants off. Make sure the flat is clean and tidy as standard. Then you can think about what features would attract the best type of tenant. If that’s students, maybe you could show them that the room has plenty space for studying. Or for families, there is a family table for everyone to eat around.
Step 4: Meeting
Meeting potential tenants is important. Whether you deal with this yourself or a trusted letting agency, getting a feel for someone in person is a powerful tool. It is at this point you can talk through the specifics with regard to property rules, the tenant’s responsibilities and your responsibilities as a landlord. When talking through these you can gage and record the applicant’s reactions and general attitude.
Step 5: References
References give you visibility on the real facts around your potential tenant’s employment status, whether they can afford the rent and how previous landlords have found them. Use these references to guide your analysis of each candidate and make an informed decision. This is your investment, so take your time and ensure you’re fully in the know.
Step 6: Protection
Finally, even if you’ve found the perfect tenant, they’re still only human and therefore accidents can happen. Landlord insurance can protect your property from minor and major damage as well as protecting your lively hood against loss of rent if your tenants turn out to be less than perfect. Regular property insurance could not only be void for your UK rental property, but doesn’t cover you for all those little details that as a landlord you need to protect. Specific landlord insurance brokers such as UKinsuranceNET understand your needs and how best to cover your UK business. Don’t live to regret not protecting such a huge investment.