While no screening method is full-proof, there are certain factors you should look for to find a great tenant for your rental. Follow the below-mentioned tips while finding tenants that stay all year round.
1. Follow the Law
2. Choose a Tenant With Good Credit
3. Perform a Criminal Background Check
4. Look at the Tenant’s Rental History
5. Choose a Tenant Who Is Stable
6. Maximum of Two People Per Bedroom
7. Trust Your Instincts
You should follow these tips to find potential tenants. However, it is obvious that tenants stay longer on the property whose location as well as condition is good. You can understand that a house in the countryside and a studio in a big city are not the same!
In the countryside, we will seek above all the stability of the tenant to be as little as possible in a relocation situation, because this can take a little time in less populated and less sought-after areas! On the other hand, in the city, we will rather seek to optimize other things. For example, a strategy that brings great profitability is the combination of classic rental for 9 months, and short-term rental during the summer! It is clear to take advantage of the 9 months of study for the students, then the 3 months of summer for the tourists! I will also advise you to use multiple platforms to rent it. You can use an online platform, website, or property management company in London to help you find potential tenants and manage your rental property to help you get a good return on investment.
HOW TO FIND A GOOD TENANT QUICKLY?
My advice for finding a good tenant quickly is to make your accommodation visible, to multiply the distribution channels! It will be complicated if no one sees your ad. (It’s like selling any product, but only telling your neighbors. Obviously, there is less chance of finding a buyer).
My second piece of advice is to trust yourself and listen to your intuition. If you don’t feel good about it, there’s no need to go any further.
SHOULD YOU GO THROUGH AN AGENCY TO FIND GOOD TENANTS AND MANAGE YOUR INVESTMENTS?
Imagine that you rent a villa for €3,000 per month, to a single tenant. My answer would be that get agency services only if you don’t have time to manage it. If, on the other hand, you have a lot of tenants in HMO, It will take a lot of time, between visits, mandatory papers, work to manage, exchanges with tenants, rent collection, etc.
All that is time, and as time is limited to 24 hours in a day, it quickly becomes unmanageable!
Especially if you are a real estate investor and don’t really have time to manage your assets yourself, and especially if you want to use your time to invest again, develop and create other businesses! It will be good to hire HMO project manager for your rental property.
IS IT POSSIBLE TO MANAGE A RENTAL YOURSELF
Noting is impossible therefore it is possible to manage your rental property by yourself! The majority of landlords manage their properties themselves, so don’t be afraid!
On the other hand, I advise you to do your cash flow and profitability calculations with property management UK, because you never know. Maybe in 5 years, you will be tired of managing yourself so you might as well plan for it right away!
If you are in the real regime, the agency fees are deductible from your property income. And in general, the agencies take 8% of the gross rents.
To find a good agency (because I know that’s the question you ask yourself after choosing to delegate your property to an agency), I advise you to ask your network of investors! Look on social media and websites to find the best property management services in London such as HouseManage.
It is necessary that you have a rental property at a good location and the condition of the property is good to attract tenants to stay all year round with good rent. For more information regarding property management services, HMO conversion, and renting your apartment faster, you can contact us freely.