5 Things to Consider When Selecting a Tenant
As any Landlord will know it is so important to make sure that you move the best possible tenants into your property. At AKS Residential we are very selective and only recommend tenants for our Landlords properties that we would be happy moving into our own properties. I have outlined below 5 of the key areas that we look at when considering whether or not to recommend tenants.
First and foremost we need to check that the potential tenants have an income sufficient to cover the rent. Most referencing companies will need to see that the tenants have an income of at least 2.5 times their share of the rent in order for them to be considered acceptable.
On top of the income itself we also consider the nature of their work and how long they have been employed at the company. If they work for a company that has just announced redundancies this would be a cause for concern and equally someone who has been employed at the same company for a number of years would likely represent a more secure tenant than someone who has just started with a company and is still in their probationary period. Our job is to find the best possible tenant so we do go beyond just assessing their income when deciding how suitable a tenant may be.
We look at whether they are currently renting a property and if so how long they have stayed there for and their reason for moving. It is of course preferable if the tenants are currently renting as this way we can take a reference from their Landlord and allows them to demonstrate a good track record of having paid their rent on time.
We also look at the personal situation of the tenants when assessing whether or not they would be a good fit for the property. Most Landlords are generally looking for long-term tenants and although there isn’t any guarantees as circumstances change, having a look at the background of tenants does give some idea as to how long they will likely stay. For example a young couple that have never lived together before will be more likely to need to move out then a family with children. It isn’t to say that one situation is better than another but it’s about matching the right tenants to the best property for them.
Credit checks are instant and will give an immediate insight into any financial problems that the tenants may have had. In addition to a credit score we are specifically looking to see whether or not the tenants have any CCJ’s or bankruptcy orders against their names as well as checking that they have been located at the address provided.
The above are all judgements based on paper but we also use our experience of renting thousands of properties over the years to make sure that we select the best possible tenants. From meeting them we get our own sense of whether or not we would be comfortable in recommending them to our Landlords. There are lots of small things that make up the overall impression but aspects like the way they talk about the property at the viewing, their presentation and how organised they are at completing application forms all help us form an opinion on their suitability or otherwise.
Click here to read 3 Simple Tips To Attract The Best Tenant.