What makes a great tenant?
Choosing the right tenant for your Shoreditch or East London property is not an easy task. Your property might be the largest and most important financial asset you’ll ever have, so you should entrust it to a tenant who will look after it as if it were their own. A quality Shoreditch letting agent should take care of the job for you, but if you’re looking for yourself, here are some of the key features to look for in a great tenant.
They’ve read the tenancy agreement
A great tenant has read and understood all aspects of the tenancy agreement. Most problems can be avoided when the tenant understands their own responsibilities towards the property, and crucially, the landlord’s responsibilities towards the tenant. If they understand that they shouldn’t call the landlord to change a lightbulb then there’s no need for any argument!
Reliable with the rent
A tenant with a good credit score is less likely to fall into rent arrears, which can be costly and time-consuming for landlords to pursue. A thorough credit check is a vital part of the vetting process, and will indicate whether they are reliable enough to pay their rent every month.
Warns you quickly about problems
If a small maintenance problem isn’t raised early, it can turn into a large maintenance problem. Costs can balloon surprisingly quickly. You want a tenant that will notice problems and communicate them to you early to avoid a small leak developing into a big structural issue.
Notifies you when they’ll be away for long periods
Good communication skills are valuable in more ways than just maintaining the property. Tenants who communicate when they are going on holiday and the property will be vacant can help keep the property safe and secure. All landlords want a tenant that communicates details that may be useful to know about the property.
Flexible about repair work
Some tenants can be rather inflexible about work on the property. It can be difficult getting a tradesman to visit a property for repairs after 6pm, and if they do come, there is inevitably an emergency rate charged. A tenant that is happy to be flexible when repairs need to be carried out takes away a lot of the hassle and stress involved in property maintenance.
Stability and employment
The ideal tenant will have a stable life with a regular income. Signs of instability, like a lot of previous employments or rentals in a short period of time, could indicate unreliability. The last thing you want is a tenant that is unreliable with payments because they are out of work.
A stable tenant is also a tenant that is more likely to renew the lease. This is what you want as a landlord, as finding a new tenant can be time consuming and a vacant property is not providing a return on your investment. Making tenants long-term is ideal for keeping the property occupied.
Renter’s insurance benefits both the tenant and the landlord. It will cover the cost of any damage to the property caused by the tenant’s negligence. This way, if the tenant has damaged the property but does not have the money to pay for it, the renter’s insurance will cover it, so you aren’t left with the bill.
Spending the extra time to find a great tenant before you let your property in Shoreditch or the surrounding East London area is worth it in the long run. Even if you are in a rush to fill a vacant property, make sure you are only letting to a high-quality tenant to maximise your revenues.