Loan Market

14 Quality of the tenant It’s a must to find a good tenant who will pay the rent on time and look after your property. It’s critical for themanaging agent to thoroughly check references - both written and verbal. Checking the tenant against tenancy databases will verify their rental history is clean. If the tenants in question are young or don’t have a rental history, a guarantor (like a parent) adds to the security of the lease. Length of the lease Generally tenants are looking for a twelve- month lease, some even looking for two or more. You’ll also avoid the changeover costs of new tenancies like the letting fee, advertising costs, lease preparation fees and the loss of rent that can occur between the end date of the old tenant and the start date of the new one. The amount of rent While every landlord wants to get the most rent possible, it’s important to understand that sometimes, setting high rent is not the best tactic. Ideally, you want to attract a lot of applicants so you can find the best possible tenant with a solid lease term. Advertising the property at even $10 below the maximummay mean the difference between only a couple of applicants and a much larger tenant pool. A good lease is typically made up of three things: You have the property, now it’s tenant time. Things to consider when renting out your property.