Good tenants vs bad tenants
Tenants have had some unfair press which has wrongly put landlords off letting their property out to tenants. Too many people are sitting on a property that could be a goldmine for income and not doing anything with it because they have heard horror stories about renting out property. Let’s look at some of the common misconceptions about tenants.
Noisy neighbours
We have all heard the nightmare tales and let’s be honest, no one likes a noisy neighbour. We all value our leisure time and downtime so most of us would prefer peace. It’s a myth to assume all tenants have no regard for their neighbours. In the current housing market, it’s difficult for some to get on the property ladder. This means you have plenty of respectable people currently renting. The vast majority of us have to get up for work and need sleep to do that so noise situations are mercifully few and far between.
Property damage
Your property is your investment so of course you want to safeguard it. Aside from vetting potential tenants with references, agents take a security deposit and an inventory of how the property appeared at the start of the tenancy. It warrants highlighting that landlords and letting agents are entitled to and should perform inspections. This allows them to keep on top of anything that has cropped up rather than waiting to the end of the tenancy. It’s worth remembering that most tenants need the deposit to take forward to another rental and will do everything in their power to ensure it is returned to them.
Unpaid rent
It’s every landlord’s worry that the tenant will not pay the rent. Most reputable letting agencies will ensure scrupulous credit checks have been carried out on finance and references secured. By dealing with an agent they have full knowledge of tenancy laws which means they can be on hand to advise should your tenant fall into arrears. There is legislation in place alongside a tenancy agreement to safeguard the landlord. Equally we are human beings and good tenants will communicate any cash flow issues that might cause late rent. It’s too easy to focus on the extreme or worst case scenario but in reality most tenants are decent people who take responsibility for their agreement and outgoings.
Do agents help the landlord or tenant?
The short answer is both. As a landlord you will form a relationship with the agent that is right for you and therefore you will go on instinct and select the right agent for your property. We act as a buffer between landlord and tenant so that there is professional distance for all parties.
The vast majority of tenants are good, responsible people and if you choose the right agent then the worry about bad tenants disappears and you can instead look forward to a lucrative income stream managed by a professional team.