If you are a landlord with an empty property, you may be tempted to think bringing in any tenant was crucial. After all, if you don’t have a tenant in place, you don’t generate any income. The need to bring in tenants can become all important quickly, but taking this approach can cause more problems.

It is imperative landlords vet tenants. Not all tenants are the same, and there is a significant difference between reliable tenants and untrustworthy tenants. The problems that can arise from having an untrustworthy tenant in place are considerable, so landlords should spend time ensuring they have a suitable candidate in mind to live in their home.

Tenant affordability matters when letting property

One of the most crucial things to consider when letting property is whether the tenant can afford to rent the property. You need to consider tenants have a lot of bills to pay. Just because a tenant’s monthly income provides them with enough money to pay rent, it doesn’t mean they have enough money to pay all their bills.

Tenants have a lot of bills to take care of each month. There are groceries, utility bills, council tax, travel costs; and that is before they think about clothes and entertainment. While rent should be the leading expense for tenants each month, it is reasonable for landlords to examine their finances, and make sure that tenants have sufficient funds in place to cover all their bills.

It is not unreasonable for a landlord to undertake a credit check on a likely tenant. A tenant may have suffered financial issues in the past, and while this may not impact on their ability to pay now and in the future, it might. It is vital landlords have a clear understanding of who they let to, and if there are financial concerns over a potential tenant, landlords must question whether they can afford to let property to them.

Landlords must review a tenant’s suitability

Of course, while the financial aspect is important, it isn’t the only thing that matters when letting property to tenant. Landlords need to find tenants who pay their rent in full and on time, but they also need tenants who treat the rental property with respect.

If a tenant has a known history of not caring for rental properties, landlords must consider if they want this tenant living in their property. It is worthwhile contacting previous landlords for a reference check. You should also consider reviewing a potential tenant’s social media posts.

However, it is fair to say many landlords are not comfortable looking into people’s personal life. As the vetting stage is vital, if you are unwilling to carry out these checks, you should call on the services of a specialist who can.

At Andrew Lees, we are more than happy to provide you with support in vetting tenants. We are highly experienced in evaluating the merits of a likely tenant, so if you need peace of mind before welcoming a tenant to your rental property, please get in touch.

If you are a landlord looking to minimise your obligations without diminishing the quality of service you provide to tenants, contact Andrew Lees today, and we will be more than happy to assist you.