How to select new tenants for your residential property

When the demand for rental property is high, you have plenty of promising tenants to choose from! But how do you find the right one for your rental property? Our experts at flat insurance brokers, Flats Direct, list how to sort the best from the worst.

Request an application

A written application can be an excellent way to find any potential issues. You can read possible tenant’s details clearly on paper and keep them for future use. Some typical questions may be:

• Income / employment
• Credits history
• Rental History
• Details of any pets or children.

­An application is also a good way to inform the applicant the length and terms of the lease, the rent amount and whether a security deposit is required. If you would like information on what tenant details may impact block of flats insurance, contact your building insurance broker.

Ask for rental references

Request a reference from their previous landlord if your future tenant has a rental history. Sometimes a quick phone call is all that is needed to give you a good overview of the tenant. Their previous landlord or residential property management will give you vital information on their ability to pay on time and possibly their character.

Consider credit checking

If you are unsure if your tenant will pay their monthly rent, think about requesting a credit check. This will give you a clear view if their financial manageability. But bear in mind not all tenants may want to offer this information. Inform the applicant their credit will be checked and saved in compliance with the Data Protection Act 1998.

Justify your reasoning

Declining an applicant should be for justifiable business reasons only. It is perfectly acceptable to refuse a potential tenant with a poor credit rating, a negative reference or unreliable employment. It is not acceptable to deny a tenant for their race, religion, gender, age or disability. Familiarise yourself with relevant discrimination laws if you are unsure.

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Want to learn more about blocks of flat insurance or directors and officers liability insurance? Get in contact with our experts at Flats Direct today on 0800 7316242 or 0122 862600 or get your free block of flats insurance online quote on our website.