While landlords have a lot of essential tasks to consider and manage, finding a reliable tenant is one of the most critical tasks. When you have a dependable tenant who cares for your rental property, and who pays on time, you have fewer problems to worry about when letting property.
Therefore, the importance of vetting tenants should never be underestimated. You can never say with 100% conviction that you have the right tenant, but by carrying out checks into the tenant, you can make a more informed decision.
When you are vetting a tenant, you should review their financial status, as this will inform you if they can pay rent on time each month. You should also look into their previous conduct as a tenant, as this will help you determine if they are likely to treat your property with respect.
Credit checks are vital when vetting tenants
Ascertaining whether a tenant can pay their rental fee, and other bills is a crucial part of the vetting process. Even if the tenant has enough income to pay their rent, you need to consider if they can also pay their monthly bills such as utility bills, food, transport and other costs.
If you believe a tenant is stretching themselves too thinly, they may represent a risk to you and your rental property. Reviewing an applicant’s credit history will help you make an informed decision regarding any financial challenges they have faced in the past.
It is also sensible to consult with the tenant’s employers to obtain a fuller picture of their financial status. The more information which can be compiled about an applicant’s finances, the better your chances of determining who is the best tenant for your property.
You want a tenant who will care for your rental property
Of course, while a tenant needs to pay on time, they also need to treat the rental property with care and respect. Therefore, you must also research a tenant’s conduct. Obtaining a reference from a previous landlord is a great starting point in determining if the tenant is likely to cause you any issues.
You should also consider reviewing an applicant’s social media profile to develop a fuller picture of their behaviour.
At SC Property Management, we understand the importance of vetting tenants. We offer a comprehensive transition letting to management service, which includes:
- Tenant reference checks and credit checks
- Right to Rent checks
- Inventory check
These services ensure we review all tenant applicants, and their suitability to rent from you. This information significantly enhances the likelihood of making an informed decision as to which tenant is best for you and your rental property.
If you would like to learn more about the importance of vetting tenants, or you want to learn about how we help you vet tenants, get in touch today. At SC Property Management, we are pleased to say we help many landlords vet tenants, and we look forward to assisting you with this process.