Importance of Vetting Tenants
A tenant that cannot afford to pay their rent causes major problems for a landlord
Written by: Richard Antrobus Category: Landlords July 1, 2019
The importance of having a good tenant in place should be known and understood by all landlords. There are many different aspects which impact on the amount of work a landlord has to do to maintain their property, but by Vetting Tenants correctly, you can ensure both good tenant and a smoother process.
Therefore, the importance of vetting tenants is a dependable and reliable tenant to your home. It isn’t possible to be 100{7d9e350dc859fbfd985f759e2d626b61cedfae26f980876032059110cb7d6d4f} certain about a tenant but by carrying out relevant checks and tests, you make it more likely you can find the most suitable candidate. There are a number of areas you should consider when looking reviewing the suitability of tenants for your rental accommodation.
Can the tenant afford to pay the rent?
A tenant that cannot afford to pay their rent causes major problems for a landlord, so it is sensible to carry out an affordability check. A common guide is for tenants to have an annual income that is 2.5 times larger than their annual rent.
Another area to consider when it comes to affordability is to carry out a credit check on a tenant. Reviewing a potential tenant’s credit history will indicate whether they hold major debt or they have a CCJ. While many of these issues may be related to a prospective tenant’s past and may not be relevant to their life today, problems could suggest a tenant has issues with money management.
What is the tenant like in rental property?
The ability of the tenant to pay rent is important in determining whether they are a suitable choice for your home or not, but you also want to find a tenant who will care for your home. If your home is well maintained, it will maintain its values, you will have fewer maintenance bills and you will ensure less stress and inconvenience.
It is therefore important for landlords to obtain a reference from a previous landlord. This will highlight the tenant’s behaviour during a tenancy period and highlight if there was any behaviour that would be a concern. If a previous landlord raised issues about the behaviour of a tenant, you may be best looking for another tenant to let the property to.
At VitalSpace, we understand the importance of vetting tenants to finding the right applicants for your rental property. If you require guidance or assistance in this matter, contact us and we will be more than happy to help you vet tenants and make an informed decision about the letting of rental property.
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