Housing markets in the UK are thriving on good tenants. An average citizen spends a minimum of 2 years in a single rented property. Landlords also prefer tenants that stay longer to save on advertising and refurbishing costs on properties. Recently, the whitepaper on the private rental sector published in June 2022, addressed the grievances between landlords and around 4.4 million tenants. There were many approaches to tackle the rising rental costs and friendly home renting policies for both the tenants and landlords.
Especially since the section 21 eviction policies outlawed the cases of landlords closing rental/lease contracts without a reason, landlords are required to act with caution while choosing tenants. If you are a landlord looking for your perfect tenant, you can use the assistance of agencies. For instance, if your property in Lee is up for tenants to rent, you can seek letting agents in Lee to help you onboard decent tenants in a short span. The purpose of the article is to guide you in attracting the perfect tenant to occupy your property.
Guidelines to attract the right tenant
Before you advertise your property for rental applications, we urge you to have a look at the following guidelines.
Set your policies ready – It is wise to set your policies in advance to communicate them clearly to your potential tenants. How long do you want them to rent your space? What are your sentiments towards pets in houses? How would you feel about tenants sharing space with multiple partners? Have clarity on such plans before you initiate house-related interactions with your tenants.
Have a Background check – You can use the help of agencies to understand the prospect’s background. Why are they opting for your space? Did they have issues with rental spaces in the past? Do your research on their properties elsewhere, if any, and their income range. It is also crucial to have a verification done on their criminal background. Also know about 6 Vital Characteristics of A Great Brand Ambassador.
Communicate clearly – While it is recommended to go by your gut feelings in choosing a tenant, you must not hesitate to ask necessary questions and observe their communication style. Watch how they react to rental agreements and ensure they are looking for a long-term stay. When it comes to financial discussions, value honesty. You can also have a look at their social media profiles to be wary of their lifestyle.
Look for tenants with stable jobs – Get an estimate of their salary range to understand their capacity to pay rent on time. In cases of self-employed tenants, seek income proofs or their bank statements to verify. Inspect the original documents and not copies. This should also help you evaluate their ability to handle sudden rises in rental rates.
Ask for a backup fund – To ensure financial safety, demand at least two months’ rent in advance. This helps you tackle and be warned of monetary disputes and make timely decisions. You can also get a guarantor certification or recommendation to be assured of uninterrupted rental payments.
Know your responsibilities – Be aware of the tenant’s legal rights to rent houses. When you offer your spaces, ensure no discrimination on any basis and let them know you will be available for communications regarding the property. Encourage them to report property damage or disputes immediately. Above all, keep the space clean. Having neat spaces naturally attracts decent tenants.
Be updated on market values – Landlords may sometimes prioritise their financial needs over the market rate while renting a space. Make sure you are not overcharging as it may leave your property empty for a long time. Similarly, understand when it is the right time to increase rental/ maintenance charges. Compare rates in your neighbourhood and the demands in your area before you set a price.
The right blend of open communication and gut feeling with the tenants can save your property in the long run. Watch out for red flags during the interaction phase but also ensure a friendly approach so the tenants can reach out to you without reservations during issues. If you are planning to let tenants rent your property, have the mentioned guidelines in mind and offer fair pricing.