For all the landlords and letting agents among our readers, lets face it bad tenants are a problem you all have to deal with. According to LSL Property Services , 59% of landlords in the UK had to face tenants who did not pay their rent on time in 2012, which represents the highest number since 2008. Additionally, 8% more eviction proceedings against tenants were filed in 2012 than in 2011.
So the big question is: What is the best way to deal with bad tenants? We recommend avoiding them in the first place. So make sure to always carry out your background checks by obtaining meaningful references, such as bank statements, credit checks and employer references.
Before making your final choice, take your time and engage them in a conversation so that you can learn a little more about them. If you don`t want to end up in a fight over damages to the property, take accurate pictures before your new tenant moves in. Furthermore, landlord insurance is essential for the damages which the deposit does not cover.
Once you have chosen a tenant and they have moved in, make sure the property is used according to what has been agreed. If your tenant never has time for a visit, you should become wary. The English and Walsh police uncover around 20 cases of rental properties having been turned into cannabis plants every day!
It is also recommended to visit the apartment a few weeks after the new tenants have moved in to make sure you have rented it to the people you thought you were renting it to.
Guaranteed rent schemes are another way how you can make your life easier. By opting for such a scheme, you get a guarantee to receive your rent even if the property is empty or your tenant refuses to pay.
So there you have it guys, make sure you know your tenant before you decide to let your property.
To get more property-related news and tips, don`t forget to check out our 4pm blog on a regular basis.
Friday, June 7, 2013 in Blog