What is the best way to vet tenants?
Many of us when we start investing want to keep as much control as possible within our business, we even want to let out our own properties which means we have to vet out our own tenants.
But what does this actually require when it comes to when it comes to carrying out the tenant-finding/referencing process?
The whole process can seem quite overwhelming but by following the right steps in the right order it can be quite simple. Firstly if you have a number of interested parties it is probably best to ask each candidate a few questions to create a shortlist prior to the viewing stage.
Things you might want to ask:
- Are they enquiring for themselves?
- How many people would be living at the property? Their relationships?
- How long do they want the property for?
- Are they smokers and do they have any pets?
- How long have they been employed and what is their current salary?
- Do they have the amount you are asking for in terms of advance rent & deposit ?
- Are they able to move in as soon as the property is available?
Always check that they are legitimately allowed to live in the UK and always trust your gut instinct and make sure you feel comfortable with all the answers you are given. Once you have chosen who you are going to offer the property to, you should formally reference them using a tenant referencing service. In England & Wales you could always ask for a small holding deposit so that you know that the candidate is serious.
It is a good idea to try and carry out all the viewings in one day if possible to ensure that you are making the most out of your time and always consider your person safety when conducting viewings.
