How To Vet Tenants

Having the right tenant in place makes being a landlord so much easier. Therefore, you need to know how to vet tenants to help you enjoy success as a landlord.

The right standard of tenant makes a massive difference when it comes to making the most of your time as a landlord. When the tenant pays in full and on time, your life is a lot easier. Also, when the tenant treats your rental accommodation with respect, the condition of the property will be better maintained.

At Ariston Property, we provide a wide range of services to landlords, and we know what landlords are looking for when letting property. If you want to learn how to vet tenants, we are on hand to assist you.

Request applications from prospective tenants

The first step in the process is to request applications from prospective tenants. You should look out for the following information:

• The applicants current role and how long they have been in place
• Previous positions held by the applicant – paying close attention to how often they have moved between jobs
• The current income level of the applicant
• Information regarding bank accounts and credit cards
• References of employers and landlords

If a prospective tenant hasn’t provided you with this information, follow up requesting this data. If they don’t provide you with this information, you should move onto other candidates.

You need to run a credit check on prospective tenants

While a person’s credit history is not always indicative of their ability to pay now or in the future, it is important information. A credit check allows you to access a person’s previous credit history. You should consider the following areas:

• Any late payments or collection accounts
• The applicant’s current level of debt

If the applicant is at their credit limit and they have a few loans in place, they may struggle to meet monthly rental payments.

Speak with previous landlords

Before you welcome someone to your home, you want to make sure they are a suitable fit for your property. Your ideal tenant will be someone who treats your rental property with respect, so it is helpful to know if they have experienced any issues in pervious rental accommodations.

You should speak with previous landlords and enquire if the tenant has any outstanding debt, did they have a history of paying late, was there any damage in the property and what the relationship with neighbours was like.

If you don’t like the answers you receive from a landlord, you should consider moving on to other applicants.

Another important step is to speak with applicant’s employer. This will confirm the details they shared in their application, and it may provide you with additional insight into their suitability as a tenant. If you want to make sure that the tenant can pay their way, speaking to their employer will provide you with a lot more confidence.

You should also speak to the tenant. You’ll be able to form an opinion on what the tenant is like, and what your relationship will be through speaking with them.

When it comes to letting successfully, finding the right tenant helps. If you want to know how to vet tenants, contact Ariston Property, and we’ll be glad to help.