Do you know what to look for in a prospective tenant? As a landlord, you want to make sure that you find the right tenant each time so that you can avoid issues, enjoy a steady income stream and have peace of mind knowing that your property is being looked after whilst being let out. Here are a few of the main things to look for in a prospective tenant.
Good Credit Score
Renting a property is a major financial commitment and you want to know that the person that you are renting your property to will be able to keep up with monthly payments and not have any major financial issues. Obviously, checking their income is key, but you also want to check their credit score. A good credit score shows that they are responsible with money and do not have any outstanding issues that could interfere with their ability to pay rent in full and on time each month.
You also want to check their references as these will give you a clear idea of what the tenant is like and whether or not they would be a good choice. There are a few different references that you should ask for to get a complete overview of the prospective tenant. An employer reference allows you to confirm that they are who they say they are and are getting paid what they claim to be while a previous landlord reference will give you a clear idea of what to expect and if they have caused any issues in the past. In addition to this, you may also want a character reference to get an idea of their lifestyle and personality. A letting agent can help with all of this and manage your property for you to to make being a landlord a lot easier.
Following this, you also want to get an idea of the personality of the tenant. You want to know that it is someone that is trustworthy, respectful and forthcoming when it comes to communication. You can get a good sense of someone’s personality when showing them around the property, but you may also want to arrange an interview before making a final decision and think of a few questions that would help you to get an idea of their personality. You do not need to be friends with a tenant, but you do need to know that you can trust them with your property.
These are a few of the main things that you will need to look for in a prospective tenant. As a landlord, you want to find someone that is trustworthy, will look after your property and pay the rent on time and in full each month. Unfortunately, tenants that do all of this are not always easy to come by, so you want to take your time and focus on the above areas to find the person that you are looking for.