Hello there, #StoreTroopers!
Today we're talking about what landlords across the UK really look for in their tenants. Knowing this can help tenants stand out in competitive rental markets, and guide landlords in selecting the best fit for their properties. So, let's break down the top qualities that make a tenant stand out in the eyes of a landlord.
Stability and Reliability
First and foremost, landlords prize stability, which is often demonstrated through steady employment. Having a secure job suggests to landlords that tenants can meet rent payments consistently. Proof of income, like recent pay slips or a stable job history, can go a long way.
Good Credit History
A good credit score isn’t just for taking out loans; it’s also a sign of financial responsibility. As landlords we should always check credit histories to ensure potential tenants have a track record of paying their bills on time. This reduces the risk of late or missed rent payments.
References
References from previous landlords can be golden. They can affirm that the tenant paid rent punctually, maintained the property well, and conducted themselves in a manner that didn’t disrupt neighbours or violate lease terms. Word of warning though, always get several references if you can; I once had a tenant with a glowing reference but then discovered the previous landlord wanted rid of them so badly, they would have told me they were a saint to get rid of them!
Respectfulness and Cleanliness
No landlord wants to chase after tenants about noise complaints or mediate disputes between flatmates. A tenant who is respectful of both the property and the neighbourhood will always be highly valued. Moreover, cleanliness is crucial. A well-kept property is less likely to have damages, saving landlords money and hassle in the long run. Make sure you do a first month check on the property to show potential issues.
Long-Term Potential
Landlords prefer tenants who are looking for a longer stay, as frequent tenant turnover can be costly and time-consuming. Showing a desire for stability and long-term tenancy can make tenants more attractive. Try offering a twelve-month tenancy if you can.
Honesty and Communication
Transparent communication is key. Whether it’s discussing pets, plans to decorate, or reporting a maintenance issue, honest communication can prevent misunderstandings and build trust. Personally, I have no issues with people having pets in my properties, so long as they let me know. It usually means they will stay longer.
Compliance with Rules
Lastly, adherence to the rules set in the tenancy agreement is a must. This includes paying rent on time, not causing disturbances, and following any specific rules regarding smoking, pets, or use of communal spaces. Sticking to the rules makes for a happy landlord.
If your tenants can show that they meet these criteria during viewings and in their application, it can increase their chances of securing their desired home. Prioritising these qualities can lead to a smoother, more profitable management experience. Remember, every landlord-tenant relationship is built on trust and respect, and finding the right match can be a win-win situation for both parties.
Until next time, keep your investment compass steady and your dreams of property prosperity alive!
The Anonymous Investor.
*This blog post is for general information only and is not financial advice. Always speak to a financial advisor for guidance on your specific situation.
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