It’s a landlord’s dream come true. At the showing, the potential renter is well-dressed and courteous, likes the property, has a solid job, and is willing to pay the rent and deposit you want and also pay for end of tenancy cleaning. The renter has given you a list of references and is eager to begin the process of moving in. It’s a perfect start for a landlord-tenant relationship.
However, there is another potential tenant who is identical. Has references, is presentable, and can afford the rent of the rental property. You’ve got two excellent renters. It appears to be a pleasant problem to have. However, in fact, it’s a bit of a nightmare.
What do you do if you can’t decide between the two?
For a private landlord, finding good tenants and renters is critical. If you do it wrong, you’re opening yourself up to a slew of difficulties. However, if you locate the perfect renter, the rent will be paid on time, the home will be kept impeccably, and the lease will run smoothly.
So, even if you have two excellent renters to select from, it’s critical in choosing a tenant that fits your requirement.
What you must not do?
It’s tempting to pit one renter against the other when you have two apparently perfect tenants. Dropping clues that you’re contemplating other parties and are prepared to forget them for a greater rent is not only unethical but also hazardous.
References in a hurry
Tenants have provided references that appear to be flawless. Check both instead of waiting to check those of your favourite renter. Make rapid follow-ups to confirm that each renter is as good as their recommendations imply through authorised and regulated ways.
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Pay special attention to prior landlord references. Other private landlords’ reports are one of the most reliable indicators you may get about a potential renter. Make sure you follow up on the references and chat with their previous landlords if possible. You could find out that one of your seemingly flawless renters has a history of evictions or non-payment of rent by a credit check or background checks.
Other references will be checked to verify the renters’ assertions of job and income. Any red flags in their financial history will be revealed in their credit report. Are they dependable billers? Do they have any CCJs or other unfavourable accounts that might indicate a risk of defaulting on the rent?
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In most cases, following up on references will favour one of the two renters over the other. However, if this is not the case, your selection may have to be based on something more intangible of the prospective tenant.
What criteria do landlords use to select tenants?
There are a number of elements to consider if you’re choosing between two prospective renters for your house.
One renter may want to rent for a longer amount of time, while the other may be able to move in sooner, giving you a shorter vacancy period.
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Which renter you pick will be determined by their unique circumstances as well as your needs.
Are they willing to pay in advance or for a higher price?
Although you don’t want to ignite a bidding war by encouraging tenants to offer more than they can afford, some tenants may be able to pay a little bit more for your home. A potential renter may be interested in securing your home by agreeing to pay six months or a year’s rent in advance during tenant screening. This removes the possibility of rent arrears for the landlord and ensures that the renter is financially committed to the property for a certain length of time.
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An advance payment might boost your financial stability and allow you to pay for a renovation or extend your portfolio.
Will the tenant be responsible for the property?
When deciding between tenants, the information they supply might help you determine whether or not they will take care of the property.
Landlord references will assist you in determining how prospective renters have behaved in other properties.
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They may clarify how they intend to treat the property when you chat with them in person. They could state, for example, that they’d like to maintain the garden or that they’ve done property care before, which might save you money and time.
Take your time and trust your intuition.
The tenant reference will offer you all of the vital facts you want, but additional research, meeting prospective renters, and considering what makes them unique might assist you in making the crucial final selection.
You should take your time and follow your gut sense at this stage of the screening procedure. If you think you’ll be able to establish a solid working relationship with a certain candidate and that they’ll take care of your property and pay rent on time, they could be the ideal choice for the long term tenants for your rental.