I have already covered how we maximise your rental income. … so today I want to talk about how we select your tenants.
Before I go into some of the detail – there is one major factor that massively helps us to get you ‘good’ tenants. And that is this – there is a huge rental demand in the areas where we source our Armchair properties. And that means we almost always have multiple enquiries from prospective tenants.
That means we can be very choosy … and you can bet that we are. The first thing we do when anyone contacts us is to gather as much information as we can. Where they live now, why they want to rent, have they rented before, if so for how long and who with, how many children, do they have pets etc., etc.
I always say that we did not invent the ‘tenant checklist’ – we just carry it out to the letter. And – we prefer by far prospective tenants who have a history of renting. Why? Because we want long term tenants for your property.
We don’t want ‘upwardly mobile professionals’, first time buyers saving to buy, people who have recently split from a relationship … these are all examples of tenants who are likely to rent for the short term. I call them ‘hokey cokey’ tenants. In out, in out.
Every time one of these tenants leaves – usually after the end of a 6 month tenancy – we have to start the whole reference process again. And that means you probably lose at least one month’s rent – and we lose one month’s management fee.