This blog content is sponsored by Hunters estate and lettings agents South East London for exclusive use of Smart Inventory.

 

Importance of Vetting Tenants

If you are a landlord, finding the right tenant makes your life much more straightforward. The difference between having a reliable tenant in your rental accommodation and an unreliable tenant can be huge. A dependable tenant is one who pays their rent on time and in full, they care for the house, and they treat you with respect. This outcome is the sort of tenant all landlords want, which is why it is surprising that some landlords don’t value the importance of vetting tenants.

Be sure to check a tenant’s affordability

If tenants don’t pay on time and in full, landlords can struggle to run their business. Therefore, verifying a tenant can afford to pay their rent is a sensible step. It is common for landlords to expect tenants to hold an annual income that is at least 2.5 times their yearly rent.

If the yearly rent was £12,000; a landlord should look for a tenant to enjoy an annual income of £30,000 or more. Don’t forget that tenants have many bills to pay on top of their rent. A tenant needs to be able to afford groceries, utility bills, travel costs, council tax and a range of other fees. People have a lot of outgoings, and while rent should be the priority for tenants, the fact that people have so many bills to pay means landlords should vet a person’s ability to pay each month.

An essential part of the vetting process is checking with the applicant’s employer. This step will verify that the employee has a regular income, and what sort of contract or stability the applicant holds in their role.

Credit checks are helpful

The landlord should also run a credit check on the applicant. If a tenant has suffered financial problems before, it may impact on a landlord’s likelihood to let the property to them. It may be that the economic challenges are in the past, with the applicant now being in a stronger financial position, but it is best for a landlord to have as much information as possible, and they can decide on the applicant’s suitability.

Contacting the tenant’s previous landlord and asking for a reference is another sensible strategy for landlords. If a tenant has caused other landlords problems, you may not want to welcome them into your home. There may be reasons why an applicant had issues with a certain landlord, or in their past, but it is best for a landlord to be fully informed when it comes to making the best decision for their rental accommodation.

Landlords should also review social media, as this may provide information and guidance on what a tenant may be like in their property. Social media profiles aren’t always the most accurate reflection of an individual, but again, for a landlord looking to make an informed decision on a potential tenant, any information is of benefit.

If you’re a landlord looking for help in finding and vetting tenants, check out the range of services provided by Hunters estate and lettings agents.

They operate in Forest Hill, New Cross, Peckham, Dulwich and Brockley as well as the surrounding towns. They have been awarded one of the Top Three Letting and Estate Agent offices in London for several years running and have many other customer focussed awards, so contact them for support.

Hunters South East London – 0203 0024089

brockley@hunters.com

Foresthill@hunters.com

dulwich@hunters.com

newcross@hunters.com

peckham@hunters.com

lewisham@hunters.com

Website – Hunters estate agents South East London

This blog content is sponsored by Hunters estate and lettings agents South East London for exclusive use of Smart Inventory.