How to Select a Tenant

tenant appovedConsider this, not any old stranger would be allowed to stay over in your spare room. So why treat your rental property any differently? At the end of the day, a buy-to-let property can be an investment that you need to protect, so think carefully before giving the keys to tenants to your home.

Finding tenants with good references is always advised. Securing good references may appear like common sense, but be sure that you (or your broker) get your potential renters referenced precisely.

Most agents likely use professional referencing organizations, which undertake checks such as credit reports, preceding landlord references and employment references. If you secure such a service such as this on each renter, then you can be much more certain that they are going to take care of your home and pay their rent. Search the web for the names of big referencing businesses or talk to a lettings broker.

In some occasions, it happens, potential tenants cannot be properly referenced and approved by usual methods. For example they can be new in the country or students with no employment record. Traveling professionals and moving students make up a good percentage of people moving into cities.

In these cases, you can ask your potential tenant to provide the reference of a Guarantor, someone who at the time has full time employment and is prepared to place their name tenancy agreement. The Guarantor will be responsible for rent if your tenants default. Another alternative would be to ask your tenants for more than first and last. A few months rent upfront can ensure that you will get some rental income.

Keep in mind that when you do find a good tenant, you will have to keep your end of the bargain as well. Look after your rental for your tenants – repair any issues that appear which are perhaps not the tenants’ fault and answer their queries promptly.

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