Vetting prospective tenants is essential in finding someone who won’t get into rent arrears, looks after your rental property and gives you the rental income you’re after. Ezylet looks at your best options for vetting tenants.
If you’re going to let your house or flat, making sure you end up with reliable tenants should be your top priority every time.
Of course you want to have a good relationship with your tenants. But that doesn’t mean you shouldn’t be thorough and business-like when vetting them. A bad tenant will leave you with unpaid rent, damaged property or worse. Fortunately this post is here to help you weed out undesirables and find tenants you can trust.
Don’t be afraid to get personal
If you’re new to advertising your property, asking for personal details from tenants can feel awkward. Lose the shyness, if you have it – you’re not prying, you’re laying the foundation of a successful tenancy for you and the occupant.
Always get references
Previous landlord, bank, employer - get all the written references you need. You want to know your new tenant is in good financial standing, with no history of troublesome behaviour. References aren’t fool proof, but they’re your best tool in uncovering past problems when advertising a property.
A guarantor can provide reassurance
If your tenant has no previous rental history, asking them to provide a tenancy guarantor is a good way to protect yourself. The guarantor will be legally responsible for arrears if they occur – so of course, you’ll need to vet them too.
Make sure they can afford the rent
A great way to predict whether your tenant will pay rent is by checking they can pay rent. Ask for their past three months’ bank statements and look for escalating overdrafts and other signs of problems. Allow the tenant to stay secure by blacking out account numbers.
Credit checks are easy to get, so ask for one
Many people now keep copies of their Experian or Equifax statement. It doesn’t hurt to ask for them!
If your potential potent fails any of the above checks, it should set alarm bells ringing. By all means use your instincts in that case – but above all, remember your aim is to protect your income and let your property successfully.