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In my previous blogs I talked about tips covering the tenancy selection process. So far these tips will ensure you find the right tenant, someone who has good references from their previous landlords, no bad financial history and is employed and earning enough to pay the rent each month.
However, there is another safeguard you can put in place to help protect yourself from rogue tenants, and that is to ask for a guarantor. If your tenants are under 30 or earning less than three times the annual rent then I recommend you asking for a suitable guarantor. In the case of tenants who are on Local Housing Allowance (LHA) you should always insist on a guarantor.
Having someone who is prepared to act as a guarantor, on behalf of your tenants, reduces the chances even further of something going wrong. If everything else checks out, such as the references and the credit check, but they meet the above criteria then asking for a guarantor can give you a great amount of peace of mind when signing on the dotted line.
This is the last tip on choosing a tenant and if you act on all of them, they should prevent you from ending up with any tenants that are unlikely to be able to pay the rent, or cause you any other problems down the line.
Now that we’ve covered how to choose the right tenant, it’s time to look at what to do before they move in.
Don’t underestimate the importance of choosing a suitable tenant, put these tips into action and it should be plain sailing.