Is A New Landlord Bound By An Old Landlords Lease How to Vet Your Tenants – Uncovering the Diamonds in the Rough!

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How to Vet Your Tenants – Uncovering the Diamonds in the Rough!

37% of UK tenants end up in some form of dispute – a leading national newspaper said yesterday.

This number is likely to increase as we see the rise in popularity of the DIY Landlord. Looking to save money, more and more landlords are going the DIY route and saving themselves £1,000s per property per year. However, many people in their naivety are preparing for some nasty surprises ahead.

Landlords can save themselves a load of headaches by choosing the right tenant in the first place. If you end up with the wrong tenant then the consequences can be disastrous. They can cost you money in ways you may not even have thought of, and if your contracts aren’t tight, the situation can quickly escalate.

Selecting tenants is a process, just like mining diamonds. You have to sift through a lot in order to find your diamond. By simply following a few rules DIY Landlords can bypass these problems and create the successful rentals they desire.

When vetting your prospects, it’s important to have a good idea of ​​what you’re looking for in terms of your perfect tenant or diamond. To some extent this will be affected by the area and type of rental property you have, so be realistic. At the end of the day, regardless of the area and type of property, there are sure to be excellent tenants in the sector you serve. The verification phase is crucial to get wrong and you could end up with a difficult journey ahead. Fortunately, while this stage is critical – it’s fairly simple to navigate.

Think of it as a job interview where you are doing the interviews. Here are the steps I follow religiously.

1. Determine who you are looking for

2. Attract potential tenants

3. Advertising response

a. Introduce yourself ask their permission to explain the process and ask questions, tell them how long the conversation will take and tell them at the end of the conversation what they will have ie. to know whether or not you are the right type of owner. for them or the property is likely to be right for them.

b. Ask your own questions to assess whether they have the innate qualities you are looking for

c. Ask if they have any questions

d. Let them know if you think they’re right for your property and if they’ve moved on to the next stage

4. Vision

a. Arrange viewing for a specific time, e.g. instead of 12.15 make it 12.07 – this has 2 effects, normally tenants think you have other sightings around that time and they come back dead in time (so you’re not left hanging around) and you’re checking to see if they turn up dead in time. This is a character authentication strategy.

b. Ask them to bring proof of identity and address with them for viewing (this is not a legal requirement, however I use it to demonstrate their level of motivation to work with you) and any written references they may have from previous owners or employers, priests, etc

c. As you show them around, ask additional questions about their circumstances and the information they have previously provided, checking for inconsistencies.

d. If you like them, then close the deal – tell them you need “x” to take the property off the market and ask if they want it!

e. You need to do reference checks – such as a minimum credit, previous property, bank account, employer (if any), if not, arrange a guarantor and check the guarantor as well. Tell them that assuming all the references see what move in date you will be targeting. Ask them if there is anything you should know before doing these checks? This is their chance to come clean with you. If you find any discrepancies when performing checks – leave.

Follow the steps above and you can easily navigate your way through the mass of renters and find your gem.

As our relationship with the Internet continues to grow, more and more opportunities arise to create special services to help meet market demand. There are organizations that for a small fee will help DIY owners get through the above mud easily and effortlessly. They will market their properties through the various gated property portals of wide reach, carry out the initial vetting process, arrange viewings and do the referencing as well. In some cases, these services are provided on a fee basis. For obvious reasons, these services are becoming increasingly popular with landlords and will grow in the future.

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