Finding New Tenants

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    Finding New Tenants

    I wanted to ask whether anyone has used a 'Tenant Find' Service via a letting agent? and would you accepted the Potential Tenants if they have 'Pass' the Credit report. I asked as this is the first time I have used these two services. Further down the report the Potential Tenant is at Medium risk 10points above LOW RISK. There is not payment history listed etc. But do have Landlord and Work ref. I have not seen any of their bank statements or documents. Should I be concern?

    NB: I have advertise the Property myself at the same rent and same online sites as the Letting Agent(s) but they seem to finally find someone who can pass the affordability test. As they are taking their fee off the rent.

    #2
    Do they qualify for rent guarantee insurance?
    If the credit reference co won't take on the risk, why would you?

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      #3
      Good point.

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        #4
        Depends how old they are and what are the circunstances.

        Can they get someone to act at guarantor? Have you me them? What is your gut feeling?

        I use and agent for tenant find sometimes but I know the agents well and they know what type of person I am looking for.

        If you have indicated you are desperate to the agent he will find you bodies but they may be at the bottom of his/her list - he takes a fee you pay the price.

        Rent guarantee insurance could be the way forwards.



        Freedom at the point of zero............

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          #5
          I did a review search on the Credit Agency and not much review. I have called them I was told they offer Guarantee if they have passed their referencea and they will also accept other Reference Agency (PASS) Reports but they said they are not sure whether their's will be accepted by other agencies (Odd I think!)
          I am using an Agent as I have been advertised for over a month and had two viewers (as my requirements were strict and both total time waster - and also the time of year, too)
          I have met them (early 30s) they seem ok. It is a couple and their current combine rent is £50pcm less than one I am asking but their combine income is 30x the rent. The credit report does not show the last 3 yrs address or payment history.. is that unusual?
          That's my thought about agent - especially with the Tenant Find Service.. as once they take the fee they are all mine (incl all the problems)
          There are always risk involve but I am trying to minimise it. Is Rule one if their combine income over 30x rent is ok? I don't take much notice about ref.. as you can never give a bad reference esp. current LL>

          Comment


            #6
            Bits of paper produced by a third party are all well and good but a 15 minute conversation during viewings can be way more revealing. I knew a T wouldn't be getting the last property I let out even before they had got out of their car.
            "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

            What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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              #7
              Agree with Wannadonna - meet and greet and learn how to find good tenants - it is a life skill and there is no short cut to learning it. If you are not blessed with a curious nose for trouble then put in the time.

              Agents - there are good and bad. Most people on this site manage their own properties and select tenants themselves so all we can give you are pointers.

              An income that covers the rent does not take account of massive credit card debt which seems to be why tenancies fail in the under 40's these days - a personal opinion. I come across loads who 'go home to mum and dad' rather than compromise on lifestyle which renting a home often conflicts with.

              Ask why they are leaving current property and ask to speak with the landlord as by way of a recent reference - their reply will tell you a lot.



              Freedom at the point of zero............

              Comment


                #8
                Originally posted by Interlaken View Post
                Ask why they are leaving current property.
                This and many others are good questions. When I asked a prospective tenant how much notice she had to give her reply was none, "if I like it I'll just move out next week". Implying she'd be happy to dump her LL in it and subsequently me in the future at some point.......................next.
                "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

                What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

                Comment


                  #9
                  I have met the 2 TT and they seem good. Other than, the Credit Ref check, would it be useful to ask for some documentation / proof of ID (as I am using Tenant Find, so from here on I will be on my own.)

                  I will be using and doing my own TA and Inventory Checks, meter readings etc. and I wanted to ask :
                  1/ Should there be some sort of signed paper work between the Agent and myself?
                  2/ My TA states that the rent and deposit will need to be paid into my account at the start of the Tenancy same day as we sign it. The agent said they will take the money from the TT when they sign with me and pay me after the weekend. I wonder how people get round this? is there a way to ensure I get the rent and the deposit?
                  3/ I have suggested to sign the TA the Agent is open (closes at 6pm) and the TT confirm 5.30pm. Does this allow enough time for TT to read the TA?
                  4/ Is this how the process work?

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                    #10
                    We were rushed.. does the Agent need to have a copy of the signed TA if we agreed on a Tenant find service?

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