February 23, 2017
Right Tenant, Happy Landlord

We love the challenge of matching a tenant to a property, or a property to tenant, and in our opinion the right tenant will usually make for a happy landlord.

Letting negotiators/consultants often feel the pressure of having to find a willing tenant, and quickly. A company operating a low basic and high commission salary structure will often experience fast turn-around times, as their staff go like the clappers competing with each other for the prize. Shorter void periods must spell goods new for landlord’s right? But what about careful tenant selection!

Taking it one step further, negotiators/consultants relying on a high ratio of commission are already competing in-house, but what if a property is also being marketed by another letting agency? Would this further promote the mentality of “any tenant will do?”

One of the reasons we avoid multiple agency instructions is because prefer to focus on finding the right tenant, by working together as a team, not individuals.  

Tenant selection is important, and most landlords prioritise having great tenants, happy at the property, who stay there for the long term.

Being in the position to put forward an offer should be 3 step process. Firstly the agent will register the prospective tenant.  This allows them time to establish whether they meet the basic criteria for the tenancy/property they seek e.g. price, size of group/family etc. The agent can then conduct viewings, during which they will assess the tenant and their situation in more depth. In all fairness, the tenant will probably be doing something similar e.g. “will I be happy working with this company throughout my time at the property?”

When a tenant goes on to make an offer, step 3 comes into play, with the tenancy terms negotiated and all reference application forms thoroughly assessed. Now the offer can be put forward to the landlord.

Knowing exactly who will be living at the property is very important, and landlords with a property in Waltham Forest need to consider the type of tenant they are letting to. Having previously let the property to a family, the landlord may then be restricted from re-letting the property as a HMO. To do so planning permission is needed, and last we heard such permission was not being granted. By HMO we are not just talking “room lets”; a HMO could be created if a property is occupied by 3 single, un-related sharers so with a little thought you can see how easily a HMO situation could be created.

So finding the right tenant is clearly very important, often taking a little more effort than perhaps first thought. An agent should act as a filtering system (using the 3 step process, as explained above) and careful selection is unlikely to be achieved if a negotiator/consultant is forced to rush, or face the prospect of missing out, simply because their employer is solely focused on faster turn-around times.