Getting good tenants is vital in helping your buy-to-rent property pay its way.
You need tenants who are solvent, who will care for your property, and who will be good long-term renters.
Tenant selection is an art.
There are three things every landlord must check when they get references from a prospective tenant:
They are who they say they are – including checking previous names/aliases.
It’s important to know who your tenants are. You cannot carry out effective background checks without knowing this.
You should check aliases and previous names, either changed by deed poll or by marriage.
A good agent will check electoral rolls and ask for proof of identification and residence such as passports, driving licences, and utility bills.
They have the means to pay their rent.
Financial references are vital. Typical references here would come from employers, who would provide the level of annual salaries and whether prospective tenants are in full-time, part-time, or temporary work.
You may also want references from previous landlords, if they have rented homes in the past or are currently in other rented accommodation.
These references would give you a good idea that the prospective tenants have paid their rent on time and left properties in a good condition.
If you’re renting a commercial property, you’ll need to run checks with Companies House and other agencies about the companies who wish to rent it.
If there are some doubts, they have a guarantor.
If the prospective tenants are not approved after the financial and identity checks, you may wish to ask that a guarantor be appointed to ensure their rent is paid.
This is usually a parent or guardian who will assume responsibility for the rent if it is not paid by the tenants, paying any arrears and any damages over the value of the deposit.
These are important steps in the tenant selection process.
So, why not leave it to the professionals who have years of experience in dealing with these matters?
Experienced agents such as Louvain Properties take the hassle out of the process and ensure you get the best possible tenants for your South Wales flat, house, or commercial property.
We’re also registered as an agent with Rent Smart Wales – saving you the hassle of registering as an agent yourself.
Looking for a South Wales property agent? Could we help you? Call our friendly team on 01495 440264. Find out more about what we do for landlords here.