When you hand over the keys to your rental property, you need to be confident that they are being given to someone who will be a good tenant and look after your home or investment.
Not only that, but it’s important to make sure they’re legally able to rent in the UK and the right steps have been carried out to satisfy any Buy to Let mortgage and landlord insurance criteria.
So, while landlords can certainly find a tenant yourself, it’s important to understand everything involved and why it might be better to use the services of a qualified letting agent, such as Your Move, who will have tried and tested methods of securing the best tenant.
Advertising
If you’re handling this yourself, you can advertise on social media platforms and in local press. However, most good quality tenants use the major lettings portals – Rightmove, Zoopla and OnTheMarket.
So, by not using a qualified agent, you could be limiting your advertising reach and that could reduce your chances of finding the right tenant – plus it could take much longer.
The other benefits of using an agent with a physical presence:
- Tenants tend to visit lettings branches in the local area to see whether there are any suitable new rentals that have not yet been advertised
- In our experience, tenants often like to discuss their requirements face to face – particularly those that are looking for a long-term home
- Letting agents usually have a ‘waiting list’ of tenants, so are likely to be able to carry out some viewings right away and may even find your ideal tenant on day one!
Carrying out viewings
The first thing to consider is whether you actually have the time to show the property yourself. If there’s a high level of response to the marketing and advertising, there might be multiple viewings for several days in a row. This is something agents are set up to handle.
During each viewing, not only are you selling the property, but you’re also selling yourself as the landlord or property manager. At the same time, you’re assessing the prospective tenant’s suitability – are they likely to be a good fit for the property and the type and length of let you’d like?
Viewings are your opportunity to find out more about:
- The tenant’s current living situation
- Their job
- If they have a partner and whether they’re likely to move in at some point
- How they like to spend their spare time
- Whether they already have or would like to get a pet…and so on.
The tricky bit is to know how to ask the right questions without coming across as intrusive. Qualified agents are used to doing this on a daily basis and are also good at spotting any ‘red flags’ in what the tenant says and how they behave.
Right to rent checks (England only)
Every occupier of the property – even if they’re not named on the tenancy agreement – has to be checked to make sure they have the legal right to be in the UK.
If this isn’t done properly and someone is later found to be living in your property illegally, you could face a fine of up to £10,000 per tenant for a first offence and £20,000 thereafter, so you can’t afford to get this stage wrong.
For more about right to rent checks, read our separate blog 'Right to rent: How changes will affect you'.
Referencing
The final step in the process is carrying out referencing checks. This is to confirm the tenant doesn’t have bad debt, can afford the rent and is likely to pay on time and treat the property well. The checks should include:
- Proof of identity and address
- A credit check (you must secure the tenant’s written permission to carry this out)
- A reference from their current employer, confirming their employment and salary (ideally at least 2.5 times the rent)
- Their last 3 months’ bank statements, to help you assess affordability
- A reference from their previous landlord confirming whether they’d be happy to let to them again
For more information, read our article ‘Common landlord mistakes - not carrying out robust pre-tenancy checks’.
Even if you would prefer to manage the let yourself, most agents offer a ‘Tenant Find’ option. Our own tenant-find service includes:
- Marketing, advertising and accompanied viewings
- Vetting and referencing of tenants, including Right to Rent checks
- Preparation and signing of the tenancy agreement
- Access to our Landlord Portal, where you can access all your rental documentation and information 24/7
- A monthly landlord newsletter
If you’d like to know more about our range of landlord services, drop into your local Your Move.
The Your Move Content Marketing Team
