How do we select the best tenants for us?

by Readers Question

10:13 AM, 20th August 2019
About a month ago

How do we select the best tenants for us?

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How do we select the best tenants for us?

We are first time landlords so looking for some advise on selection of tenants. We put up our property in Cardiff for lettings, and went through 6-7 viewings on 1 day. Out of these, there have been 2 parties interested, details below.

1. Two mates currently living in shared accommodation. They live and work locally. One of the guys is working with a company from last 4 years and other one is self employed and doing some part time jobs. Second guy hasn’t got any accounts as such as he just got self employed few months back but prior he was doing these part time jobs. — These guys are giving us the advertised rate of £750 pcm. Issue we have here is, what if one of these 2 guys decide to leave. How would we create the contract on whose name etc.

2. A couple — both of them works and have been living in previous rented place for 4 years. No pet or no child at a moment but surely looking to grow the family — which we have no issues with. These guys are willing to pay £700 (unfurnished)

Now our flat requires some work — already got the flooring done, new bathroom going in. If we give it to couple then we may have to do kitchen as well, but if we give to the Tenant 1 then not required as those guys hardly be using kitchen. We are not sure how to decide which tenants should we go for.

We went for open rent, and will be going through the reference check as they provide for a small fee. Is that enough ? Shall we take a hit of £50 and give it to a couple as they tend to stay longer? Please advise us on which tenants we should consider and what all checks we could do before giving them.

The flats within same block have history of bad tenants like drugs etc, and not paying the tenants so we are little on cautious side and wanted to give it to right people.

Thanks
Kaps



Comments

kaps z

7:50 AM, 26th August 2019
About 4 weeks ago

Reply to the comment left by Paul Shears at 25/08/2019 - 08:37
Thanks Paul. Shall I ask them for clarification. If even another person is living with them, as far as they keep the property good then should i be worried ? we have got CCTV cameras in the building to prove if anyone is accompanying them everyday.

Paul Shears

9:40 AM, 26th August 2019
About 4 weeks ago

Reply to the comment left by kaps z at 26/08/2019 - 07:50Frankly it's a very bad first impression but there may be legitimate reasons. Cameras are great to establish the truth after the event but that leads to stress if it comes to your attention that they are misrepresenting the situation.
You are clearly unsure of what these people are really like and want to optimise the situation which is great.
What about pointing out the fact that the security camera is there for the benefit of all and is there to keep an eye on the property? You could then gauge their reactions.
I always make it clear to my tenants that as far as I am concerned, their private life is private, but guests are no permanent residents.
This might help set a reasonable tone at the start of the potential relationship.

Chris Daniel

23:30 PM, 26th August 2019
About 4 weeks ago

You should probably join a National Landlord Association to get specific details one-to-one advice, AND - do a Landlord Foundation Course ( you can claim cost against your Tax as an allowable expense. )

kaps z

8:13 AM, 27th August 2019
About 4 weeks ago

Reply to the comment left by Paul Shears at 26/08/2019 - 09:40
Thanks Paul. I did emailed them yesterday to confirm us on the additional occupancy if any and clearly stated that no subletting or lodgers will be allowed or anyone other than the named persons on the agreement. Also in order to be safe, i will only get 6 monthly contract and shall that goes well based on our inspection I will move to another 6 or 12 monthly rolling.

kaps z

8:14 AM, 27th August 2019
About 4 weeks ago

Reply to the comment left by Chris Daniel at 26/08/2019 - 23:30
Thank You Chris, I will look to join RLA. Indeed it will be handy for any immediate advise or options to explore.

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