How to identify the right tenant?

Single parents with young children, people with long term rental history, older people who have sold their property to release equity and now want to rent.
Having let over 200 of our own properties – and nearly 300 more for our investors – we can quickly ‘sniff out’ the right tenants – and just as importantly sniff out the rent dodgers and wrong un’s. Once we identify a prospective tenant – and we prefer those with a 3 year history of renting – we write to every landlord to find out a) how they rate as a tenant, b) how they kept the property, and c) are there any outstanding rental arrears. We also write for employer references and – if there is insufficient rental history – we insist on a guarantor for the rent. And, we take references on the guarantor.

If a prospective tenant passes this reference process – and we do it 100% without fail – there is one last test we put the tenant to …

We always go to their existing home to get the AST signed. ALWAYS. Why? Because quite simply we want to see the condition of their current home. If it is clean and tidy, with a well kept garden … you can be fairly sure that is how they will treat their new home ie., your investment property.

But … if it is a mess … that is how they will treat your property. But of course they won’t get the chance. Tenancy offer withdrawn! Result … 93% Tenant Occupancy For Our Investors. We all know that ‘saying’ and ‘doing’ are two entirely different things.

The fact is we practice what we preach when it comes to referencing and selecting tenants for ourselves and our investors.

That resulted in an overall annual tenant occupancy rate of 93% in 2009 across nearly 500 properties under management. That’s better than the Ritz Hotel! Positive rental income and minimal voids are the two single biggest reasons why investors repeat purchase with us. 90% of our investors live over 100 miles from the North East – and I estimate that c35% live within a 50 mile radius of London.

Perhaps like you – many of them were initially dubious about investing outside of their local area. I am proud to say that their fears were unfounded. Our service truly is a ‘Property Service’ … and I guarantee we will source tenants for you and look after your property for you – as if it was our own.