How to find the best tenants05-05-2023 | Property Occupants
As a private landlord, there are many factors you need to consider before you begin your search for a new tenant for your property. Most importantly, you need to be considering how to attract tenants who will pay the rent on time and be respectful towards the property.
Whilst there is no black-and-white answer to securing reliable and respectful tenants, there are some things you can implement to increase your chances of securing such tenants.
What makes a good tenant?
The best tenants are the ones who reliably pay the rent each month, on time and in full, whilst keeping good care of the property. In addition to this, good tenants are easy to communicate with and abide by any rules you have put in place, such as not keeping pets or hosting loud parties.
Create a tenant criteria
When searching for good tenants, an excellent way to reduce the risks of ending up with bad tenants is to use a qualifying criteria.
As a private landlord, you should predetermine a tenant criteria that must be met by potential tenants. This will make it easier for you to judge any applications. Some factors you could establish on the criteria could potentially be:
- If they have the right to rent in the UK
- Setting a minimum income requirement
- Previous landlord references
- Checking their eviction history
- If they have a good credit score
Ideally, you should be strict with your criteria and apply them fairly to every single applicant.
How to attract the best tenants?
On top of setting up qualifying criteria for any potential tenants, there are a few strategies that you, as a private landlord, can implement when putting your property out on the rental market, to try and attract the best tenants possible.
Create a good quality listing
First things first, the higher the quality of the listing you put out, the better the quality of applicants you are likely to receive in return.
To write a good-quality listing, it will need to be readable and to the point. Select a stand-out title, and include the price, and number of bedrooms and bathrooms, as well as the type of property it is.
Mention a stand-out feature of the property to bring in further attraction. When you write the listing in short sentences as opposed to long paragraphs, more people will be likely to engage. How you present the listing in terms of being grammatically correct, will also impact its engagement.
Don’t forget to take high-quality images of the property. Arguably, this is the most important step when posting a listing, because it will catch the eyes of any potential tenants. Bad photographs could reduce the number and therefore also the quality of your applicants.
Get them to sign a tenancy agreement
The most common type of tenancy agreement in the UK is the Assured Shorthold Tenancy Agreement. The agreement will outline the rights and duties of you, the private landlord, and your tenants so that you both understand what is expected on either side.
Any important rules need to be set out clearly within this legally binding agreement. Setting out any rules clearly in this agreement will help to make sure neither party breaks them.
When both parties are happy with the tenancy agreement, each party will sign a copy of it. This strategy will help you to secure good tenants who will abide by the rules you have put in place.
Get landlord insurance
Renting your property to strangers is always a risk, regardless of the strategies you put in place throughout the application process. The best strategy for safeguarding your finances, and protecting your risks as a landlord, is to invest in landlord insurance.
Landlord insurance covers you for the risks you face as a landlord when letting your property, such as rehoming your tenants into temporary accommodation and property owners’ liability.
If you want to enjoy the peace of mind that your rental property is protected, then CIA Insurance can provide you with a great deal on the cover and protection that you need. Get a quote now.
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