The Progressive Property Podcast How to Find Your Perfect Tenant
Do you want to rent your property out privately but don’t know where to begin? Are you scared about having a nightmare tenant? Join us today as property expert Kevin shares his tips and tricks to finding that perfect tenant for your property. Kevin takes us through the common mistakes and shortfalls made by landlords as well as sharing his expert advice on how to protect yourself and your property, as well as how to create the perfect listing which is sure to attract your ideal tenant! Tune in now to find out more!
KEY TAKEAWAYS
Things to be aware of to not give your property to someone who could cause you problems. What are some mistakes people make when looking for their own tenants?
- Only rely on referencing. If you only rely on referencing this could cause problems. They pass referencing checks but are not actually good tenants. The reason they pass referencing checks is that their previous landlord did not take legal action against them for issues such as owing money etc. The reason a landlord wouldn't take legal action on a bad tenant is that their main focus is to get rid of the tenant and get their property back. Taking a tenant to court is also a huge cost to the landlord, with no guarantee of ever getting their unpaid rent back.
What should you do to find the very best tenants?
- It all starts with the listing of the property, make sure you have very good photographs. The good quality pictures will sell the need for somebody to want to view the property. As well as the pictures, the text really matters as well. Highlight the best features of your property such as “recently decorated” “lots of storage space” “fully furnished” etc, as well as including when the property will be available from and local amenities.
- If you already have the perfect tenant in mind then portray that tenant in your listing.
- Finally, you must always include a copy of the energy performance certificate as this is now legality of any listing.
Where do i put my advert?
- If it is a room let advert, then the best place to advertise is Spareroom.com, as well as using OpenRent, Zoopla or Rightmove.
- Another great way to get a better quality tenant is by asking for recommendations from your current tenants!
After all of this, how do I pick my Tennant?
- Referencing should not be your only source, there are still other things you can do to help you find your perfect tenants. Speak to their previous landlord (not their current) they should give you an honest appraisal of what that Tennant was like.
- Another way of doing your own research is by searching their social media accounts. This gives a potential insight into the way that they may treat your property.
- Another bit of advice is to always rely on your gut feeling. Ask potential tenants lots of questions and get to know them. Everything may add up on paper but if your instinct is telling you to avoid them, then listen to it!
- As well as this, bank statements are a good indication about whether or not this is the tenant for you. Get them to give you a copy of their bank statements from the last 6 months, whereby you can clearly see the rent being paid in their previous accommodation on time.
- Always get a guarantor that is in a better financial situation than your potential tenant, so that you know if your tenant is not in a position to pay the rent, their guarantor will.
- Taking deposits from tenants is a good way to protect yourself should there be any damages made to the property. In shared accommodation where damage could occur in communal areas and working out which tenants deposit to deduct the costs from, a good idea would be to scrap the deposit and up the rental value by a small amount each month, keeping this little bit extra aside each month to cover any costs that may have occurred over the duration of the agreement.
BEST MOMENTS
“If you only rely on referencing..this could cause problems!”
“If you have the perfect tenant in mind, then portray that in your listing”
“Always, always rely on your gut feeling!”
“Speak to their previous landlord, they should give you an honest appraisal of what the tenant was like”
VALUABLE RESOURCES
https://www.amazon.co.uk/No-Money-Down-Property-Investing/dp/1909846767
https://www.youtube.com/watch?v=o8TZdualhcw
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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