How To Find The Best Tenants

Original source: Agent Media

How To Find The Best Tenants – What To Avoid

One of the most important things in being a landlord is having the right tenant in place. When you have a reliable and dependable tenant in your rental property, things run more smoothly. You also have fewer issues to deal with, and it is far more likely your property remains in excellent condition.

At ML Estates, we are highly experienced in finding tenants, vetting them and liaising with them on behalf of a landlord. We are looking to provide you with the highest standard of service at all times, and this includes ensuring you avoid challenging tenants.

Some of the key points that should leave you worried or concerned about letting to a tenant include:

Does the prospective tenant open and close a lot of bank accounts?

If the prospective tenant has a history of opening and closing bank accounts regularly, it is something to take note of. This behaviour could suggest the tenant is poor at managing money, and if this issue comes up with a number of other concerning behaviours, there is a lot to be said for looking for another tenant.

Does the prospective tenant have a history of missing payment?

It should go without saying that a prospective tenant who misses payments is a concern for landlords and property managers. If it is just a one-off, you can make a judgement call on someone, but if there is a repeated pattern of missed payments, there is a genuine concern that they could miss rental payments in the rental property.

The same can be said for late payments, as this is another warning sign that the prospective tenant is unable to manage their money on a monthly basis.

Is the prospective tenant on the electoral roll?

Being on the electoral roll might be a political decision, but it is well-known that this is a factor in determining credit history. Therefore, people who are looking to obtain credit, or to show they are a suitable candidate when it comes to finances, is likely to appear on a voter roll.

Does the applicant have a credit history?

While you might think having no credit history isn’t too bad, after all, they have no bad history, but how can you make a judgment on someone’s ability to pay money monthly if there is no record of their activities here.

Does the prospective tenant move homes a lot?

If there is a history of moves from a prospective tenant, it is a concern when determining the validity of a tenant, and how long they are likely to stay in your rental property.

Contact ML Estates to better manage your rental property

At ML Estates, we are keen to help you manage your property, and we offer a wide range of services. We can arrange a property valuation for you, and we can help you connect with tenants. If you’re a North West London landlord looking to let property, contact us today for more information about our property management services. Call ML Estates on 020 7328 4444 to discuss your requirements.