If youโre a landlord, you can probably think of nothing worse than your rental sitting empty.
The prospect of covering the mortgage and utility bills in between tenancies may keep you awake at night.
And there are security implications too: a lengthy void period may invalidate your landlord insurance and increase the risk of squatters moving in.
But in a desire to get new tenants in, itโs essential you donโt let your guard down.
Because while an empty rental is bad, having a tenant who is a fraudster or serial rent dodger is worse.
So, if you hear any of the excuses listed below, proceed with extreme caution and seek advice from a trusted professional, such as a letting agent.
Rental red flags to look out for
โLetโs do a deal on the spotโ
Someone wants to move into your rental property ASAP โ but thereโs a catch. They need you to drop the usual credit and reference checks and agree to a deal today. Donโt succumb to this pressure. Always stick to your safeguarding and referencing procedures.
โThe dog ate myย IDโ
If a tenant canโt show you their bank statements, references or passport, alarm bells should start ringing. If they canโt prove who they are, how do you know who they are?
โI canโt make the viewing โ but my mother/brother/cousinย canโ
Itโs important to meet any prospective tenant face to face. Be suspicious if someone canโt view the property in person but is willing to send a go-between to do it for them.
โIโll pay you cash in advanceโ
Someone is willing to hand you wads of cash, provided you donโt ask questions about their background. Why are they initiating a transaction that will leave no paper trail? Donโt wait to find out. Send them packing without further ado.
โDonโt bother with a viewing; Iโll take the property sightย unseenโ
This line is problematic for two reasons. First, you canโt meet the tenant in the flesh. Second, what kind of person commits to a long-term contract on a property theyโve not seen? What are they running from? And how reliable will they turn out to be? You probably donโt want to know.
The solution
The good news is that there is a way you can sleep easy at night โ by using the services of a respected letting agent.
An experienced agent will help you attract high-quality tenants and oversee the referencing process.
Theyโll also help you carefully manage your property to minimise void periods and maximise returns.
Contact us here at Knightsbridge Professional Lettings today to learn more about our tenant referencing and property management services.
