The standard of tenant in your rental property plays a hugely significant role in how much success you will enjoy as a landlord. Take these steps to ensure you welcome the best tenant to your North London rental property.
One of the biggest problems a landlord faces is problem tenants. No matter what else you do, if you don’t have good tenants in your rental property, you run the risk of struggling to make a living. Therefore, you need to be proactive in finding good tenants, which makes the vetting process critical for North London landlords.
If you’re a North London landlord and you need assistance vetting tenants, please contact us and we will be happy to assist you as best we can.
Referencing tenants is a great starting point to reduce the risk of problem tenants
You vet tenants to provide you with insight into prospective tenants. The key areas of focus when vetting tenants include:
- Checking whether a tenant has the ability to pay rent on time and in full each month
- Checking whether a tenant is likely to treat your rental property with respect
Not everyone is comfortable vetting prospective tenants or looking into a person’s finances. This is perfectly understandable, but if you don’t vet tenants, you run the risk of suffering due to having a poor standard of tenant in your rental property.
When you vet tenants, you find out more about their credit history, their employment status and background. With this information, you can make a more informed decision as to whether a tenant is suitable for your rental property.
Put your tenancy agreement in writing
It makes sense to put your tenancy agreement in writing, serving as a formal contract between you and the tenant. This document provides you and the tenant with the rights and responsibilities each party has. You should include the following aspects in the written agreement:
- The names of the parties involved
- The price of the rental fee
- How the rental fee will be paid
- How and when the rental fee will be reviewed
- The full deposit amount of the rental fee
- How the deposit will be protected
- The circumstances where the deposit (in full or in part) can be withheld
- The start and end dates of the tenancy
- Any rules regarding subletting
When you have a written agreement, which is signed and dated by all parties, you legally protect yourself and the rental property. This contract ensures the tenant is in no doubt as to what their responsibilities are.
Make sure you undertake regular property inspections
It is important the property is inspected on a regular basis. Doing so persuades the tenant to keep the rental property in suitable condition, and it provides landlords with the chance to spot emerging problems before they become too much of an issue.
You should also ensure you and the tenant have regular contact, and that you communicate well. You want tenants to feel as though they can contact you when problems arise. Developing a reasonable relationship between yourself and the tenant makes it more likely the tenant will treat your rental property with respect.
If you are worried about problem tenants, and you need a helping hand determining who you should let to, contact Ariston Property, and we will be more than happy to assist you.