Landlord‘s input re: selecting tenants

[Newbie549]

Morning, we are just finishing renovations on a BTL property and hope to let it out shortly via a letting agent.

As landlords, do we have any say over who can rent the property from us? I’m a bit concerned about letting to someone on furlough, in case they are made redundant at the end of the furlough scheme and are then unable to pay the rent.

Or do we need to hold back from putting the property on the rental market until the end of the furlough scheme if we *really* want to avoid this possibility?

Furlough issues aside - do landlords have any rights to see proof of income & bank statements (to asses both income level & bank account performance) before accepting someone as a tenant? I get that the letting agent should be making the necessary checks on tenants to make sure they are suitable but, for my own peace of mind, I would quite like to see for myself the tenants level of income and the way they run their bank account. Hoping this doesn’t make me sound too much of a control freak!

[jpkeates]

You have every right to the information you want to see and to rent to whoever you want (provided its not discriminatory on the basis of legally protected characteristics).

You may find it hard to persuade an agent of that, in practice.
So make sure it's made clear to them before you sign up.

[jpucng62]

You do seem as though you are buying a dog and barking yourself!

Ask your agent to explain their vetting process and, assuming you are happy with it, let them get on with it.

Good luck

[theartfullodger]

Any employed person could lose their job any time, furlough or no furlough.

There are always risks with letting property. If that's too much for you then this is the wrong business for you, sorry.

This and other forums have too many examples of "guaranteed rent" schemes/scams which strangely don't pay out.

[Hudson01]

Agree with above, however careful you are (and i am top of the tree on that score), there can always be one that gets through. The comment in your post about if you have a say in who rents your property.........your opinion is the only one that matters ! Always interview the tenants yourself, what ever the agent says is secondary to what you think, i have a nose for scammers and chancers, if you don't then you may be in for a bumpy ride.

[AndrewDod]

jpucng62,

Definitely never let an agent choose a tenant for you without your detailed involvement.

[jpucng62]

I do, I always have and over 20 years I have not had a major problem. I like houses - not tenants so I don't get involved.

[AndrewDod]

It might apply in some sort of restrictive manner to the particular agent you have -- but as a general principle, no.....

The agent's criteria (and business interests) very rarely align with L's interests.

[Interlaken]

I always choose the tenant - the agent is just there to put forwards those that meet my requirements. Also it depends on the agent. The main one I use is very experienced and know my rules. A newbie might not be so canny.

Go for 2 working persons and no kids. More likely to get rent paid and less wear and tear on house as they are out all day. You need to meet prospective tenants and get a feel for fibbers and scammers. It is a life skill in successful letting.

Say you came across a nurse and a fireman couple or bin man and a care worker couple then I would regard that as pretty sound. I've just let to a care worker and a mental health team leader. These are as sound as jobs get at the moment IMO

[MdeB]

You probably need to register with the ICO, and adhere to GDPR requirements.

[jpkeates]

I do, I always have and over 20 years I have not had a major problem. I like houses - not tenants so I don't get involved.

My experience has been similar

The agent's criteria (and business interests) very rarely align with L's interests.

But I think this is the key, it depends on the agent and what drives their business.

I first encountered the company who became my agent as a prospective guarantor for a family member, and I'd never me anyone less keen to let to someone who didn't match their profile of a dream tenant.
The hoops we had to jump through to show we were in a position to meet the guarantee (and that that would most likely continue) made me confident that they were in it for the long term, and not focussed on getting a live body into the property to earn the initial fees.
I was dealing with the bosses by the end who were adamant that their reputation was based on never having it serve notice on a tenant, unless the landlord wanted to for some reason of their own.

But most agents aren't like that.
Agencies in cities particularly have a rapid turnover of quite young and inexperienced staff who have challenging targets which means that the time they can expend on any sale is limited, and they're not really concerned with the long term effects - which they are unlikely to be involved with personally.

And, as a small landlord, you have to be aware of how little your business means to a letting agent.
You're worth a few hundred quid annum income (depending on where you are) and the better tenants they find, the less turnover there's likely to be and the smaller the financial opportunity for them.
You tend to get the service you pay for (or in this case, the revenue you generate for them).

[Felix Ungar]

That's a tricky one. Yes I've been told you do have a right. We have the same issue with people bringing pets in - there are ways around this and it still is (until government removes that right too) your property. Does the agent not carry out referencing? It should be possible to know whether the applicant is actually working or on furlough. Be annoying to the agent, ask probing questions, make them actually think about what's happening. Good luck.