Every landlord wants to attract good tenants who take care of their property, pay their rent on time, and have a positive impact on the community.
However, we’ve all heard horror stories of those rare bad tenants who don’t do any of the above and only cause problems for you, your rental property, and the local community.
So how do we ensure this doesn’t happen in Bath, Bradford on Avon, Wiltshire, or Somerset? How can you find good tenants for your rental house and why is it so critical?
Most importantly, what do we do here at Cobb Farr to protect your investment and ensure you get the return you deserve?
Here’s everything you need to know about attracting and keeping your ideal tenant.
Why is it important to have good tenants?
When you have a good tenant, you can rest assured that your property and investment is in safe hands.
Here are some of the reasons why…
Your property will be looked after
When you have good tenants, you won’t need to worry about the condition of your property because they will be doing it for you. This can help minimise repair, renovation and extra costs and ensure you preserve the value of your property.
You’ll be financially secure
When you have a good tenant, you won’t need to waste your valuable time and energy chasing after them for rent. They’ll pay on time, every time, providing you great financial security.
You’ll keep the neighbours happy
Everyone wants a neighbour who respects those around them, doesn’t engage in anti-social behaviour, doesn’t cause problems and helps build a relationship with the community. By taking time to find a good tenant, you’ll get exactly that.
You’ll stay legally compliant
Good tenants are more likely to stick to the contract agreements and property rules so you don’t have to worry about legal disputes, problems or eviction and again, can enjoy better financial security.
How to find good tenants for your rental house
Attracting good tenants is easier than you think when you get strategic, consider the details, choose the right letting agent and ask the right questions. Here are our tips.
1. Decide who your target tenant is
Before you do anything else, take a moment to consider who you’d like to rent your property to. Would you prefer professionals? Students? Post-graduates? Families?
Each has its own advantages and disadvantages, and by considering this first, you will market your rental property more effectively and be more likely to find your ideal tenant.
2. Choose the right letting agent
When renting a property, it’s better to choose a professional, friendly and trustworthy estate agent to deal with all the details.
Here at Cobb Farr, we pride ourselves on providing an outstanding service at every stage from enquiries, marketing, viewings and even taking care of the credit checks, referencing and paperwork so you don’t have to worry about a thing.
We work closely with you to understand your needs and find the ideal tenant for your rental property and are members of UKALA’s Client Money Protection for Landlords and Tenants.
3. Decide how much rent you will charge
Next, consider how much you can charge for your rental property.
We recommend that you speak to your local estate agent to find out about similar properties in the area. Of course, if you have a mortgage on the property, also ensure that you can cover the repayments plus any additional ongoing costs.
4. Get your rental property ready for viewings
While most estate agents are happy to conduct any property viewings, make sure it is clean and in excellent condition before these viewings happen.
Fix any pre-existing problems, conduct a deep-clean and consider refreshing the decor and paintwork, especially if it is looking tired or out of date. Don’t forget the exterior of your property too!
If you plan to furnish your rental, also ensure that any pieces are in place beforehand so prospective tenants can better imagine what it could be like if they choose to move in.
5. Let your trusted estate agent do the viewings
If you’re short on time or don’t live near your rental property, consider asking your estate agent to do these for you. Give them a key and then leave them with a property viewing checklist to answer any questions the potential tenant might have about the property. The more information you can provide, the better.
6. Answer any questions honestly
Be open, friendly and honest when interacting with the potential tenant so they can see that you are a good landlord and will be more likely to rent from you. Although your estate agent will answer many of their questions, it’s always good to be prepared.
Always explain exactly what type of background checks you will carry out, including landlord references, employee references and credit checks so they are kept informed and know what to expect.
7. Get feedback from your current tenants
Many landlords have never lived in their rental properties so aren’t aware of any minor everyday problems your tenants might experience. That’s why it’s always a good idea to speak to your current tenants (if applicable).
By doing so, you can easily identify and deal with these issues, making it even easier to find a good tenant for your rental property.
How to screen prospective tenants to find the best
When looking for good tenants for your rental, they should be thoroughly screened to ensure they are reliable, trustworthy and pay their rent on time.
Here at Cobb Farr, we carry out all of these checks, so you don’t have to. Here’s how we screen and select prospective tenants when helping you find your ideal match.
1. We ask them to complete a comprehensive rental application
When prospective tenants come to apply for a property rental, we first complete a rental application form. This asks for their personal information, employment history, income and also references from previous landlords and employers.
By doing this, we can better understand their current status, whether they can afford your property and whether they will be your ideal tenant.
2. We do the right background and credit checks
Once we’ve collected the prospective tenant’s personal information, we carry out several background and credit checks.
This reviews their financial stability and reliability, whether they had problems paying rent in the past and if there are any red flags such as evictions, late payments or criminal offences.
3. We check their employment status and income
Next, we check whether the potential tenant is working and what their income is to ensure they have the finances to pay rent. At this stage, we might collect payslips, employment verification letters and bank statements for further information before we decide.
4. Contact References
Finally, we contact the references the potential tenant provided including previous landlords, employers and anyone appointed for a character reference.
We’ll ask a range of specific questions to better screen the applicant including their payment history, character, whether there were any problems and the condition of any rental property payment (if relevant) while allowing the individual to share their own thoughts and opinions. This helps us understand your potential tenant better and understand whether they are a ‘good fit’ for you.
Summary
If you want to find the best possible tenant for your rental property and enjoy maximum return on investment, you need to get strategic.
Decide on your target market, choose a trusted estate agent like Cobb Farr and ensure your home is in great condition for any viewings. Once you’ve done that, ensure you’re carrying out thorough background and credit checks, then follow up on the references provided. Always ensure you’re being open, honest and friendly when you interact with the potential tenant.
Follow these tips and you’ll have a positive rental experience. You’ll enjoy great tenants who take care of your property as if it were their own, pay their rent on time and help you protect your investment.
Are you looking for a great tenant for your rental property in Bath, Bradford on Avon, Wiltshire, or Somerset?
Our team here at Cobb Farr can help. Get in touch today to find out how.
