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Check your tenant

Thursday, August 12th, 2010

Any good landlord or landlady realises the value of a good tenant. It makes life so much easier when the property that represents the means of employment, and possibly the pension at the end of one’s working life, is inhabited by someone who values the place as a home.

A landlord can get some sort of financial security by requesting a deposit from the tenant at the outset of the let, but this is often a bone of contention throughout a tenancy, and most good landlords would willingly exchange this guarantee for a tenant they know and trust.

It is then important that when a landlord advertises for a new tenant that every possible check is done to ensure that the prospective habitué is exactly who they say they are. Obviously the first place to start with this is with the tenant themselves. If they are serious about renting a place and want to have a good landlord then they should not object to a few searching questions. Proof of identity can be easily obtained by a passport and maybe a bill from their last place of residence. A water or electric bill would be ideal for this. Another idea is to ask if they have a reference from their last landlord, or even if they are local maybe it is possible to check with their last landlord yourself.

If a landlord is signed up to a landlord association such as the National Association of Landlords (NLA) or the Residential Landlords Association (RLA), then he can probably pay to get checks done on individuals at a reduced rate. Many tenant check schemes offer results within 24 hours, which lessens the chance of a landlord losing a good tenant as well as avoiding a nightmare one. Membership of such an organisation may also help in reducing the cost of a landlord insurance policy.

The other alternative to this of course is to pay out some extra money and secure the services of a Letting Agent. Most, if not all, will offer a complete management package of your property which will take the day to day running of the business out of your hands. A great idea for some, especially absent landlords but not so appealing for the professional who likes to keep an eye on his business.

Tags: Advice for Landlords, Landlord Insurance, NLA, RLA, tenants
Posted in Best Practice Guides for Landlords, Insurance Guides, Landlords Insurance | No Comments »

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