The landlords guide to finding the perfect tenant
Attracting the right type of tenant is one of the most important aspects of being a landlord. Whether you are new to the sector or looking to expand an existing portfolio, it is essential to carefully carry out the research that will allow you to come up with a tenant profile.
This will ensure that anyone who comes to view a property has a good chance of being impressed by what it has to offer and that they will fit the criteria of your ideal tenant.
It also means that when a tenant moves out, you will be able find a new resident quickly and easily. There are a number of different factors that can contribute to the formation of a tenant profile, so here are some of the key ones.
Understanding the location
This is one of the most important features to consider when purchasing a property. For example, a home that is found in the countryside or a suburb could be better suited to a family, especially if it is close to amenities like schools, parks and solid transport links.
If a property is in an area that could be classed as 'trendy' or up and coming, perhaps because it has undergone gentrification, it may well be best targeted at young professionals. A consequence of this could be that they are seeking a house share, as opposed to renting the whole property through one contract.
Premises in suburban areas on the other hand might be better suited to families looking for amenities like schools, nurseries and parks. Low income tenants often tend to be a better fit for inner city properties where more affordable rents match their financial constraints.
Understanding the demographic
If you’re not from the area of your new property, it is important to get to grips with the type of surroundings you have chosen and demographic that is likely to move there.
Good quality public transport links to town and city centres may suit young professionals who need to travel to work everyday without the use of a car, whereas those who are more established in their career might seek higher end properties and have less of a reliance on bus and train routes.
Meanwhile, other factors like how close the premises is to local universities and amenities like pubs and bars will affect how appropriate it would be to market it as a student house.
Quality of interior
Professionals who are paying a premium for rented accommodation will expect finer furnishings and thought into the interior design. As with all let properties, it is best to keep the decor neutral and allow tenants to add their personal taste when they move in.
Advertising the property
A tenant profile and understanding of the area will help you write the advertisements for your property. This can be done using keywords and phrases that will appeal to your ideal tenant. For example, how far a walk it is to the nearest bus or train station or any popular pubs and clubs that are nearby. This can then be passed onto a letting agent if the tenancy is being agreed through a third party.
Once you’ve got the tenant profile sorted and applications start rolling in, it is prudent to thoroughly vet your tenants before any contracts are signed. Meeting applicants in person gives you an initial idea of whether they are the type of tenant you are looking for.
As a standard procedure, landlords should check prospective tenants' history for further security.
Tenant referencing offers landlords a higher level of security for the duration of the tenancy agreement. However, even the best of tenants may find themselves in financial difficulty.
Tenant reference service
Find out more about our tenant reference service here or call us on 0800 840 6699.
Rent guarantee insurance
Find out more about our rent guarantee insurance here or call us on 0800 840 6699.