Whether you’re planning on managing the property and tenancy yourself or you have entrusted us to look after it for you, as a landlord you still need to cover your bases to make sure that the tenant you have in mind is a friendly, responsible and honest person.

 

 

Ensuring a Tenant Has Sufficient Income 

A landlord has the right to confirm that the applicant has sufficient income to cover the rent, regardless of the source of that income. You want them to prove they have had a steady background of employment. Watch out for large employment gaps and question why – there is most likely a good reason, such as long-term travel, but it’s always good to ask.

A Tenant’s Credit is a Mess

If the credit check shows red flags, you are dealing with an individual who has had a tough time managing their money.  That increases the risk that this person will pay late, or overextend and run out of money to pay rent. Running a credit report is the only way to get an honest picture of a rental applicant.

Their Self-Employment is in the future tense

Renting to people who have their own business is great. Renting to people who are starting a business is less great, because new businesses often need time to grow before they can support anyone.

They Need the Apartment Immediately

Many tenants who fear the verification/application process will try and speed through it by requesting a quick move-in date. Make the arrangements if you can, but don’t skip any of the steps you have in place to protect yourself.

They try to throw money around in an attempt to win favour over other applicants

Everyone loves money, but some applicants will use it to try and skip verification steps by stating that they can pay five months rent upfront on the spot either in cash or an immediate bank transfer if they skip the verification process. If your rent and fees are set properly, you’re going to make a profit on the property. Do not let a person rush you or tempt you to ignore your protective measures by placing a large pool of money in your face. A substantial amount at the beginning can make you choose a bad tenant that will cost you thousands more later on.

They Want a Payment Plan for Security and Pet Deposits

Sometimes money is tight, and that’s understandable. However, if a person isn’t capable of saving up a month’s rent prior to moving in, it’s unlikely they’ll be able to support themselves and pay rent after they move in.

They Pay All Deposits and Rent in Cash

For some people, this is simply a matter of convenience, but for others, this can be a sign of illegal dealings, so be careful. Applicants who wish to pay cash or are self-employed require more due diligence to confirm that their income is legitimate.

Unpleasant Comments About Their Neighbours Before They’re Even Neighbours

One of the hardest kinds of tenants to handle is the one who makes everyone living near them miserable (on top of inevitably making you miserable) without actually breaking any rules. The person who makes snide remarks before they even move in will make twice as many once they live there

Don’t be left in the dark. Make sure you verify all the information in the rental application, run a credit check, and speak with the references, including the previous landlords. This process can reveal that your ideal tenant is nothing more than a scammer trying to get a free ride.

Here at Flambard Williams, we take care of all of these issues and concerns though our tenant screening process as we thoroughly check each of our applicants, handle the viewing and keep you informed and updated throughout the process. For more information, call us today and let us help connect you to your property aspiration.

For more webinars and construction updates, make sure you’re subscribed to our YouTube channel here.