Tips for Choosing the Right Tenants for Your Rental Property

Written by Isabella Goode Posted On Wednesday, 11 March 2020 15:26

When you decide to rent out a property, you need to make sure that you can place your trust in those who are going to be living in it. Many landlords have had very negative experiences with tenants because they didn’t screen them properly or something has gone wrong along the way. This is why you need to be extra careful and avoid choosing the wrong type of tenants.

Here, we are going to give you some of our tips for helping you choose the right tenants for your rental property. Keep reading to find out more.

Consider Their Circumstances

Our first tip for those who want to be able to choose the right tenants for their rental property is to make sure that you are considering the circumstances of their lives. For example, if you want to keep your property in good condition, you might want to avoid taking on any tenants with pets

You also might want to consider the type of work a tenant does, and potentially even run a credit check, in order to reduce the risk that they might fail to meet their rental payments. 

Check Your Insurance

You will need to have landlords insurance if you want to protect your buy-to-let property, but it’s worth bearing in mind that the type of landlord you’ll require will depend on the type of tenants you plan to let the property to.

For instance, if you’re renting your property to students each of those students will legally be classed as different ‘household’, which means your student property will almost certainly be an HMO.  

Fortunately, specialist landlord insurance comparison sites can help buy-to-let investors compare HMO insurance quotes from multiple providers, making it more likely that you find the right policy at the right price. Here’s one example: https://www.quotezone.co.uk/landlord-insurance/hmo

Get References

Our final tip for those who want to make sure that they are choosing the right tenants for their rental property is to make sure that you get references from previous landlords or even people who know these possible tenants. 

If you spend some time checking references it help to reduce your risk of being lumbered with a tenant who damages your property or fails to pay their rent.

Summary

If you are on the hunt for some new tenants for your property, you should make sure to take on board some of the tips that we have given you in this article. Think about the kind of tenant that they will be and don’t forget to check their references. If you can spend some time over this process then you won’t rush into a decision and you should be able to increase your income with very little hassle. 

Rate this item
(0 votes)

Agent Resource

How to capture your next prospect - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.