If you are a new landlord looking to rent out a property, it can be difficult to know how to repel those dreaded bad tenants. Although most tenants will be easy to communicate with and act respectably to your property, there are also many tenants who could make your life a living nightmare. Ensuring you are well prepared and put the necessary checks in place beforehand should save you a great deal of trouble.
When choosing a property, the location speaks a thousand words and will determine the type of tenants you are likely to encounter. If you are hoping to attract families, purchasing a property nearby local schools would be ideal, or if you are hoping to rent out to students, purchase a property near to a university. It may be best to do some research on the location you are hoping to buy in, to understand the level of crime and crucial population statistics.
Making sure your potential tenants have undergone the relevant background checks would be a good idea. References allow landlords to inspect tenants credit history, unspent convictions and the number of times they have moved property. These checks are carried out to predict whether bills will be paid on time, the character of potential tenants is reasonable and whether they are looking to rent as a long-term option.
If you are hoping to gain more of an insight into the lives and personality of your potential tenants, why not take a browse on social media? You can enter their name into the site and see which results come up. By doing this, you can gain insight into the type of lifestyle they lead, their job and hobbies. Some hobbies could be highly inappropriate for your neighbors; such as playing the drums or being a DJ!
If you feel as though you are snooping, please be assured that this isn’t the case. Most employers carry out this routine to gain an insight into the candidate they are hoping to hire. The same should go for landlords looking to secure suitable tenants.
In order to advertise your property in a suitable way, there are many different options dependent on the audience you wish to appeal to.
If you choose to advertise your property officially, such as through classified ads or on an online letting agent, you are more likely to encounter tenants looking for their dream home.
Yet, many landlords advertise on social media. Social media may cause issues, due to the fact that posts are not only publicised to the target market- but their acquaintances also. You may be contacted by tenants who are looking for just anywhere to rent, rather than a property they have looked into and considered as a good option.
When pricing your property, there are a lot of pros and cons which need to be analysed before you put your property on the market. If you are hoping to secure good tenants, you wouldn’t want to price your properly too steeply. Doing so could put off good tenants. Yet, a higher price may appeal only to those who are desperate to move into the area; therefore more likely to abide by the rules and regulations.
As a professional landlord, you may let an individual house, a block of flats, or own a property portfolio of residential or commercial premises. Whatever the size, it is crucial that you protect yourself from dodgy tenants.
Talk to us about how we can help protect your interest.