upad landlord guide

upad.co.uk | [email protected] | 0333 240 1220

FOR LANDLORDS

10 StepS to Finding great tenantS

LandlordGuide-AW.indd 1-2 01/02/2013 15:16


FOR LANDLORDSintroduction

Letting a property needn’t be hard work or expensive, even for a newbie landlord with no previous experience.

This small but perfectly formed

guide will take you step-by-step

through the entire process,

helping you to find tenants

without giving away a chunk

of your income to a high

street agent.

Never written an ad or

interviewed a tenant?

No problem. This handy little

guide will tell you everything

you need to know from writing

a property description to where

and when to advertise to

vetting tenants and organising

the legal stuff like tenancy

agreements and inventories.

To learn how to let the easy

way, read on.



FOR LANDLORDS

To get you started, we’ve attached a £40 gift card which you can use against any of our services. Whether you want to get those great photos mentioned in chapter 4 or want to put your perfect ad on our network of lettings sites, you can use your gift card to help.

terms and conditions: Your gift Card is valid for single use only and cannot be used in conjunction with any other offer or redeemed or exchanged for cash. the Upad gift Card is like cash: lost, stolen or damaged cards cannot be replaced. only one gift Card may be redeemed per customer. Valid for single purchase only, no change will be given on spend less than £40.

What our customers are saying“We have used Upad for 5 of our property lets now, and they have always delivered the goods. The follow up service is superb as well. Truly the best. With our most recent ad, from going live on Rightmove, we had an enquiry within 2 hours which lead to us granting them their new tenancy. Your property is likely to big your biggest investment, so don’t go for the cheapest letting portal - go for the best - go with Upad!”

Chris Mayger

Your £40 gift Card



FOR LANDLORDS

Contents

1 Meeting tenants

2 The ad

3 The legal requirements

4 The photos

5 The rent

6 The tenant

7 The timing

8 The viewings

9 The cost

10 The vetting process

ordene Walters Customer Services executive



FOR LANDLORDS

Mike Smith MARLA account ManagerLandlord team

Meeting tenants



FOR LANDLORDSMeeting tenants

Would you let a complete stranger drive your car? We doubt it.

Would you employ someone without meeting them? Probably not.



FOR LANDLORDS

At Upad, we don’t believe landlords should rely on letting agents to select tenants for them, we think that you should always meet the person who is going to be living in your property, so we introduce you to tenants and let you show them around yourself. Doing so allows you to suss out if they are the right tenant for you and also enables you to establish a relationship with them. You don’t need to become their new BFF, it’s always best to keep things on a business-like footing, but getting to know the tenants will make it easier to deal with any problems that might arise.

Right now, you may well be wondering if you’ve got time to carry out viewings but bear in mind that as you know your property better than anyone else, you might find tenants quicker than a letting agent. You’ll be able to tell viewers about all the plus points, give them to low-down on the local area, provide some insider tips such as the best schools, your favourite bars, the nicest coffee shops.

At the same time, you’ll be able to ensure the tenant is given only accurate information about the property, that they’re aware of vital details such as the length of the lease and what’s included in the rent so they don’t get any nasty surprises when they move in.

Meeting tenants

So we don’t think you should hand the keys to your property to someone you’ve never met either. Let’s face it, your rental property is probably your most expensive possession (unless you have a yacht moored in Monaco, in which case, wow!) so you need to do everything possible to make sure your investment is in safe hands.

However, we know that finding tenants isn’t an exact science and you can’t rely purely on your gut instincts, so once you find a tenant you’re happy with, we’ll reference them for you and make sure they can afford the rent. We’ll also draft a tenancy agreement, if you like, collect the first month’s rent, register the deposit and set up a standing order to make sure the monthly rent goes straight into your bank account.

When the tenant moves in, it’s a good idea to walk through the property with them, showing them how everything works.

A quick demo on the central heating system (even in the summer) will void panicky phone calls in the winter. Instructions for all other appliances should be left in the property and it’s a good idea to provide a laminated sheet with details such as the location of the water and gas stop valves, in case there’s a leak, where to leave rubbish, refuse collection days and emergency contact numbers.

Ringing the tenants after the first three months to check everything’s okay will show that you care about them and the property, and it won’t do any harm to pop round to check that everything’s in order.



FOR LANDLORDS

Jodie McCaul tenant executive

the ad



FOR LANDLORDS

Writing a property ad isn’t an excuse to show off your prose, it should be punchy, precise and pertinent.

Tell the reader everything they need to know in short, clear, easily digestible chunks. It’s as simple as that.

the ad



FOR LANDLORDS

Research suggests tenants spend just 3 seconds viewing the summary of each property, so you’ve got to grab their attention fast. Avoid flowery estate agency-speak and stick to the facts.

Things to include are the rent (and anything that’s included, such as council tax, energy bills), the type of property (flat, maisonette, house?), whether it’s furnished, when it’s available, number of bedrooms (and say whether they are doubles, singles or singles-with-double bed), number of bath/shower rooms and if there’s a garden or balcony.

Obviously you’ll want to highlight any special features; if the place has recently been refurbished say so, if the garden has a sunny aspect, it’s definitely worth mentioning, and if there’s free off-street parking, add that too.

If the property has any additional services, such as Sky TV or WiFi, you must make it clear if the cost is included in the rent.

Should you be brutally honest and include any bad bits? Hmmm…it depends. If the property is on a main road/a housing estate/above a pub, people need to know; lots of tenants won’t mind but for those that do, a viewing would be a waste of time and trust us, you don’t want to show your property to people who are already disappointed before they get to the front door, it’s just too deflating. However, there’s no need to tell tenants stuff like the patio’s in the shade or the bathroom is tiny, these aren’t deal breakers.

Target your ideal renter, so if your place is best for families, mention schools, playgrounds,

the ad

No need to worry if you’ve never written an ad before. Upad will review your listings before placing it on all the major property websites and the team will give you tips and feedback to enhance your listing, which you can amend at any time, even after it’s gone live. Alternatively, Upad can help write the ad as part of its Standard tenant-find service.

parks nearby; if you want young sharers, tell them about the bars and the local transport. Students might want to know if there are desks in the bedrooms, energy saving features such as double-glazing and storage heaters and if the area is in a borough with low council tax.

If there is a large employer, such as a hospital, university or corporate head office nearby, give details of the transport links and typical commute time.

Add a few details about the area including local facilities, transport links, commuting time to the nearest city and any USPs such as a river or common, again bearing in mind your target market. Families are likely to be interested in child-friendly attractions but they won’t be so fussed about the local pub scene, whereas sharers aren’t going to give a fig about the nearest playground.

Including positive feedback from previous tenants about you and the property is a good way to inspire trust, especially if the place is aimed at first-time

renters who might be wary of rogue landlords. Telling them which scheme you will use to protect tenants’ deposits makes you sound professional (and may dispel fears you’re going to leg it with their cash).

You should also state if you’re after a long or short let (of three months or less) and what you will expect them to provide, including any deposit, references and/or guarantor. Listing tenants that you won’t even consider will also avoid embarrassment later, so if you won’t accept pets, tenants on benefits or students, make that clear. No need to appear unfriendly, just put something like “Not suitable for….” at the end.

However, don’t assume everyone who enquires about your property has read the ad all the way through – most won’t bother, many won’t digest all the information and some will mix up your property with another, so make sure they’re aware of what they’re coming to see before agreeing to a viewing.



FOR LANDLORDS

timmy Bashir tenant executive

the legal requirements



FOR LANDLORDSthe legal requirements

Your obligations: When you let a property – even if it’s your own home and even if it’s for just a few months – you are running a business and like other business owners you have legal responsibilities, but not to worry, Upad can help steer you through the maze of what’s required.



FOR LANDLORDS

If you have working gas appliances in the property, such as a boiler, hob or gas fire, you must provide your tenants with a Gas Safety Certificate. The certificate needs to be renewed every year and each appliance inspected by a Gas Safe-registered engineer.

Arranging a gas safety inspection and certificate through Upad is simple, it doesn’t cost much, and it will keep your tenants safe. Apart from being a legal requirement, it’s good to make sure all your gas appliances are working properly.

On our website, click ORDER GAS INSPECTION to get started or, if you prefer, call one of our friendly team on 0333 240 1220. One of our national network of registered engineers can usually be at your property the next day. You don’t need the certificate until the property is let, so it’s okay to go ahead and show people round in the meantime.

We’d also recommend you install carbon monoxide detectors close to your gas appliances, you know, just in case there’s a leak. These aren’t a legal requirement for most rental properties, but for the sake of £20 or so, we think they’re worth it.

It is a legal requirement to have an Energy Performance Certificate – or EPC – to tell tenants how energy efficient your property is. Now we realise that the likelihood of tenants ever asking to see the certificate is extremely slim, but the government says you have to have one so we’ll arrange it for you, if you like.

the legal requirements

Again it’s very simple. On our website, click ORDER AN EPC, or give us a ring and our national network of registered assessors will be in touch to arrange access, generally the next day. You don’t need to have an EPC before marketing your property, you can start doing viewings as soon as you’ve placed the order. The certificate will be valid for 10 years, unless you make any significant alterations to the property.

As a landlord, you’ll also be responsible for making sure that all electrical installations, including the fixed wiring, are safe and well-maintained. Although it’s not a legal requirement, it’s best to get an electrician to inspect the fixed wiring every five years, better to be safe than sorry, hey? You should also arrange for them to carry out an annual portable appliance test (PAT) on any equipment such as kettles, toasters and lamps, or remove these from the property to avoid

the cost and the hassle. Opt for Upad’s fully-managed lettings service and we’ll arrange PAT tests for you, to ensure you remain legally compliant.

If you take a deposit from your tenants, it is a legal requirement to place it in one of three government-backed schemes: the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme. You’ll have 30 days to register the deposit and issue your tenants with a certificate, or you can let Upad do this for you as part of our fully-managed lettings service.

If you let a property to several tenants who aren’t members of the same family, for example students or groups of sharers, it could be a House of Multiple Occupation, or HMO, and you might need a licence. You can get more information on this at www.gov.uk/private-renting/houses-in-multiple-occupation.



FOR LANDLORDS

Jade Hall account executive Landlord team

the photos



FOR LANDLORDS

A detailed description will tell tenants all the basic facts about a property but it’s the photos that will really sell it.

the photos



FOR LANDLORDS

They say a picture is worth a thousand words, right? Well, when you advertise your property via Upad you can use eight photos, so that’s the equivalent of 8,000 words to say to viewers “hey, this place is fabulous; live here and life will be perfect”!

Upad will take professional photographs using a high-end DSLR camera with a wide-angle lens, which you get to keep and re-use, but if you prefer to take your own, think about photographing the best bits of your property, the things that make it unique - the stunning view, the stylish bathroom, the swish kitchen – and ignore the mundane. No-one is going to be lured round by a close-up of your sofa, but they might be tempted by a shot of the freestanding bath, the floor to ceiling Georgian windows or the cosy balcony.

Remember that photos don’t just sell the property, they sell a lifestyle, so stick in a few shots that will encourage people to see themselves living in your place – who can resist a pot of coffee and a plate of croissants on the garden table, a fan of glossy magazines on the living room table, candles in the bathroom?

Style every room before you pick up your camera; beds should be made (nothing looks more drab than a bare mattress, except perhaps a bare light bulb), curtains should be swept back and clutter removed. Tidy, well-lit rooms look bigger and more inviting. Clean windows will make a big difference.

Don’t worry if you can’t get the whole of a room in the frame, don’t give yourself a hernia trying to take a shot while hanging out of the window, just focus on one area.

the photos

So don’t just take a few snaps on your smartphone, put a bit more effort in and you can expect four times more inquiries and let the place faster.

Pointing a camera diagonally across a room will capture more of its depth; if you can use a tripod you’ll get clearer pictures, certainly never use blurred photos, they’ll make you look a bit slapdash and your ad will look rubbish.

Photographing outside space in the winter can be tricky as barren gardens look depressing, but you can easily add a splash of colour with a few potted plants – or even just some brightly coloured pots.

Think about including a couple of snaps of the locality, such as pretty young things picnicking in the park or a shot of a local iconic attraction to grab viewers’ attention, but don’t go overboard. Having more photos of the area than the property will make folk suspicious that it’s not up to much.

Try to find something unique or quirky to use as the main picture, perhaps the ginormous garden or the stunning view – something that will make it stand out from all the rest.

It’s worth editing your photos using a programme like Google Picassa, which is free, or Adobe Photoshop, even if it’s just to add brightness and contrast. Including a floorplan can increase interest by more than 50% and, just as importantly, it will cut down on the number of wasted viewings as tenants can see if the layout suits them before coming round. If you order a professional floorplan and photographs from Upad, and you’ll be able to re-use them with every listing.



FOR LANDLORDS

tJ MARLA Senior account executiveLandlord team

the rent



FOR LANDLORDSthe rent

Ah, deciding how much rent to charge can be tricky, even high street agents who price properties for a living frequently get it wrong.



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Upad has a team of people who can help you value your property but a good way to decide on the rent is to look at lettings websites like Rightmove to find out what others are charging for similar properties in your area.

Bear in mind that rents for short lets can be about 50 percent higher than for lets of six months or more. Properties close to public transport usually achieve a higher rent in the winter; those with outside space get more in the summer. Incidentally, furnished properties don’t generally achieve a higher rent than those that are let empty.

Remember that every area has an upper price limit so even if your property is stylishly furnished high spec interiors, all the latest gadgetry and a choice of colour co-

ordinated scatter cushions, you won’t necessarily achieve a premium.

If you want to let your property quickly, consider pricing it just a smidgen below others in your area, that way you should get more interest and find a tenant faster. Other property owners might not thank you, but what the hell.

Make it clear when you market the property if the rent is per week, every four weeks or for a calendar month, and if there’s anything included such as council tax or energy bills. If you are letting a room, rather than a whole property, quoting an all-inclusive rent should attract more interest - but you might want to put a cap on energy bills to prevent tenants leaving the heating on 24/7.

the rent

Obviously you want to squeeze as much income out of your property as possible but if you pitch your rent too high you won’t get any viewers. On the other hand, if you ask for too little, you’ll lie awake every night wondering if you could have got more.

When you market your property via Upad, your advert will start to appear on all the major property websites almost instantly, so you should receive inquiries within a matter of hours. If the phone doesn’t start to ring, almost certainly the rent is too high.

No need to panic though, you can instantly update your ad and sometimes just lowering the asking price by a few pounds can stir up interest, especially if your property is aimed at the lower end of the market. Even a reduction of £10 can make a difference. Whatever you do, don’t stubbornly stick to a high price in the hope that some sucker will come along and pay it.

Be prepared to negotiate with viewers but don’t be too quick to accept a low offer, especially if you’re getting lots of interest or there’s a while to go before the property is vacant. However, if the viewings have dried up, it’s time to act because the last thing you want is an empty property not earning any money. You’ll need to do the maths, but often lowering the rent and keeping a property occupied can work out better than holding out for a higher price and ending up with a void.



FOR LANDLORDS

James davis MARLA Founder & Ceo

the tenant



FOR LANDLORDSthe tenant

How do you think most tenants look for accommodation? By visiting or calling letting agents or thumbing through the classified ads in the local paper? No, virtually every tenant, 92% of them to be precise, starts their search for a property online.



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This explains why every letting agent worth his smart suit and shiny shoes will promise to advertise your property on the web, but you don’t need a high street agent to get your place listed online, my friend, you can do it yourself. Even if you only have one property, even if it’s just a spare room you’re looking to fill, you can get your ad on all the major lettings sites in the UK.

Sounds expensive? Not so.Via Upad, the self-service lettings agency, you can get your ad on Rightmove and all the other big property sites, including Gumtree, plus a network of local websites for a fraction of the cost of renting via a traditional high street agent.

Upad offers a faster and simpler process too. You write the ad, load the photos and it will start to pop up on all the major lettings sites within just four hours. We’ve found that tenants spends on average just 30 seconds looking at each ad they click on, which indicates they make their mind up fast, so if you like, Upad will help improve your listing to create the maximum impact.

Here’s another interesting nugget: almost a third of views to Upad’s site are via tablets or mobile phones, which suggests that tenants look for properties while on the move, maybe on their way to work, the pub, or perhaps during their coffee break at work.

the tenant

You don’t have to take our word for this. Research from Rightmove, the biggest property website, reveals that fewer than one in five tenants ever bothers to look anywhere other than the internet for their next home.

They aren’t necessarily setting aside a few hours to go house-hunting, rather they’re cramming in their search whenever they’ve got a few moment to spare, often outside office hours.

Funnily enough, Upad’s tenant enquiries were up 30% during the London 2012 Olympics, so probably they were taking a quick look at properties while waiting for the next event on the telly. We think this is typical of how people now search for somewhere to live.

As Upad’s lettings team is available seven days a week, tenants won’t be limited to enquiring about your property only during normal working hours as they might be with a high street agency. In fact, a quarter of the enquiries Upad receives are outside office hours. They’re processed instantly using its unique tenant management software and swiftly passed on to you, so you can arrange viewings, pronto.

Nothing wrong with sticking an old-fashioned cardboard ad in your local newsagents too, this retro approach sometimes works, but by also advertising on the online property sites you’ll be making sure your property can be seen by literally thousands of people.



FOR LANDLORDS

rakhi rathodtenant executive

the timing



FOR LANDLORDSthe timing

When you decide to let your property, or your existing tenants give notice, you’ll want to advertise it as soon as possible.



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You don’t need to be a whizz on the internet (or enlist help from your teenage offspring) to submit your details, it’s really very easy and we’ll guide you through every step of the registration and listing process. Even adding photos and floorplans is straightforward and you’ll end up with a really professional looking ad. If you have any queries, we’re only a phone call away on 0333 240 1220.

If you want us to take the photos, no problem, just order online or give us a call and a professional photographer will be along straight away to take a set of quality pictures. We can draw-up the floorplan too, if you like. You’ll get to keep eight photos and the floorplan and you’re welcome to use them as often as you like, so in future you’ll be able to get your ad live even faster.

Once you’ve completed your listing, our friendly team will check the details and give you a call to make sure everything’s OK. It will start to go live on all our partner listing sites immediately and you can expect to see it on Rightmove, the biggest, within just four hours. Get ready for the phone to start ringing!

When tenants enquire about your property, we process them instantly using our unique tenant management system. Your contact details will be given to them and, with permission, we’ll forward tenant details to you to arrange a viewing.

When you accept an offer on the property, we’ll comprehensively reference them for you, checking their credit history, income, employment details and secure written reference from their previous landlord, usually within 24 to 48 hours.

the timing

With Upad, you’ll get your property listed on all the major property listing sites like Rightmove within a matter of hours, allowing you to reach more tenants than a high street agent or classified newspaper ad. How good is that?

Our service is so speedy, you could have new tenants within just a couple of days. Woo-hoo. But remember, your property stays listed on all the major lettings sites, and on Gumtree, until it’s let, so no need to worry if you don’t find a tenant right away. When you do accept an offer, you can suspend your listing until we’ve referenced the tenant and if things don’t work out, you simply reactivate it for no additional fee.

Best months to let a property are usually May to October, but really much depends on the location, condition of the property and the state of the market. The best advice is, the sooner you advertise, the longer you’ve got to find the right tenant.



FOR LANDLORDS

dustin rex MARLAtenant executive

the viewings



FOR LANDLORDSthe viewings

We won’t lie, showing prospective tenants around your property can be a drag, but plan your viewings carefully and you’ll reduce the time it takes to let the place.



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Upad will handle all enquiries and forward them to you by phone, text or email, whichever you prefer, so you get to meet them and show them round the property yourself. Now this might sound counter-intuitive, but don’t rush to show your property to everyone, first you need to weed out the time-wasters. Before arranging a viewing, ask tenants lots of questions to find out if they’re right for the property and if the property is right for them. When do they want to move, how long do they plan to stay, have they got a deposit and references (if you want these), have they got children or a six-foot Great Dane (if you don’t want these)?

Make sure anyone requesting to see the property is aware of any significant drawbacks, such as the location, otherwise a viewing could be a waste of everyone’s time. You won’t hide the railway line at the back of the garden with a well-positioned plant pot so make sure they’re cool with this before you agree to show them round.

Don’t worry that you’ll risk losing potential tenants by not showing everyone around – adverts on Upad result in more enquiries than classified ads, so significantly raise your chances of finding the perfect tenant.

the viewings

When you advertise your property on Upad it will start to appear on all the major lettings sites – including the biggest, Rightmove - within just a few hours, so you’ll be getting enquiries almost immediately.

When a property is to be let to sharers, try to get the whole group to view at the same time to avoid multiple visits, unless one person can take a decision for everyone else.

To avoid no-shows, get a mobile number for every viewer and call before their appointment to make sure they’re on their way. Ask them to call or text you if they want to cancel or they’re running late. Likewise, remember to cancel their appointment if you find a tenant beforehand. With Upad, details of everyone who’s enquired about your property will be stored in your personal online dashboard so you’ll easily be able to find their contact details.

If your property is hard to find, give viewers detailed directions to prevent them from getting lost and either turning up late and frazzled or giving up and going home. Consider drawing a detailed map that you can email to them; it might take you a while but it will save you spending hours trying to locate missing persons.

Ask existing tenants if they’d mind tidying up both the inside and outside the property. Don’t forget to give them plenty of notice of viewings as it’s only polite and should avoid them leaving out dirty dishes/pants/magazines.



FOR LANDLORDS

Maria Farrellaccount executiveLandlord team

the cost



FOR LANDLORDSthe cost

You don’t need a maths degree to work out that it’s cheaper to let your property with Upad than a traditional high street letting agent.



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Most high street letting agents charge landlords 5% to 12% of the annual rent to find a tenant but with Upad you’ll pay just £99 + VAT to get your property listed on all the major lettings sites.

So let’s do the maths. Say you get £1,000 a month rent, you can expect to pay a high street agent at least £600 (+VAT) to find a tenant.With Upad, you’ll pay just £99 (+VAT), making us at least 6x cheaper.

High street agents typically charge renewal fees too, so if your tenant extends their lease, you’ll have to pay another chunk of commission; with Upad, there are no renewal fees or additional charges.

At Upad you only pay for the services you need. If you want extras such as professional photographs or floorplans, no problem, we can provide these for an additional cost, but they’re yours to keep so you get to re-use them in future listings.

If you want a more hands-on service from Upad, we offer that too, also for a flat fee. Our Standard tenant-find service includes photographs, a floorplan and we erect a to-let board. We’ll help you decide how much rent to charge and help improve your listing. When you’ve found tenants, we’ll draft a tenancy agreement, register the deposit and set up a standing order mandate to ensure the rent is paid straight into your bank account. All for just £299 (+VAT).

the cost

We don’t charge commission, we don’t charge you for extra for stuff you don’t want and we don’t slap you with additional fees if the tenant renews their lease; you pay a one-off flat fee and that’s it.

Upad will even manage the property for you, taking care of rent collection and dealing with any unexpected maintenance problems that arise, such as leaky taps or a blocked loo, for an additional £60 (+VAT) per month. This compares favourably with high street agents, which typically charge 10% to 17.5% commission. You’ll have to pay them all the costs upfront; with us, you get to pay monthly.

In addition, high street agents often charge both the landlord and the tenant for drafting a tenancy agreement, landlords are charged a fee for registering the tenant’s deposit and tenants have to pay for referencing. At Upad, the landlord’s pay only the flat fee and we only charge the tenant £50 (+VAT) for referencing, which weeds out bogus applicants.

Advertising with Upad is risk-free because if you aren’t happy with the service you receive, we’ll refund your money, guaranteed. It’s a no-brainer really.



FOR LANDLORDS

natalie Leavey MARLAtenant executive

the vetting process



FOR LANDLORDSthe vetting process

You can’t judge a book by its cover and you can’t hand the keys to your most valuable possession to someone just because they look nice.

Trust us, you can’t.



FOR LANDLORDS

Upad’s comprehensive tenant referencing service, which is free to landlords, will check the tenant’s credit history and ability to afford the property by comparing their earnings with the rent and check that their finances stack up. We also check the details of their employment and make sure they haven’t told any porky pies about their salary, and we get confirmation from their previous landlord that they were the sort of tenant you want living in your property.

Essentially, we leave no stone unturned.

If it looks as if they might struggle to pay the rent, but they are otherwise ideal, they should be asked to provide a guarantor – someone who will be legally obliged to step in and pay the rent if they don’t. This is usually a mum or dad or another close relative. The guarantor will also be referenced to make sure they can afford the rent if necessary.

Upad charges tenants a fee for referencing and administration, which guarantees that tenants are serious about renting the property and discourages those who know they can’t afford it from applying. It should also stop them from sneakily applying for multiple properties.

the vetting process

So how are you going to know your tenant’s a good ‘un? By looking deep into their eyes to search their soul? No, nothing wrong with having a chat with them over a cup of tea, you know, to suss them out, but to make sure they can afford the rent and are likely to look after your property, you’ll need to get some references.

All we need from you is the lead tenant’s contact details and the number of people moving in and we’ll take it from there. You don’t need to get involved again until we go through the final report with you, which we usually get within 24 to 48 hours.

However, we should warn you that while a reference report will tell you that a tenant can afford the rent, it’s not a cast-iron guarantee that they are right for your property. For this, you’ll need to trust your instincts, which is why meeting tenants personally is such a crucial part of the lettings process.

Should you take a tenant if they fail a credit check? That’s up to you, certainly there are good tenants who don’t pass the test for various reasons, maybe because they’ve never owned a credit card or they’ve just moved to the UK from overseas (credit checks can only be carried out on people with a UK address). In this case, and assuming they

can’t provide a guarantor, you’ll have to go with your gut feeling, but if you do decide to take them on trust you should consider taking a bigger deposit or several months’ rent upfront and limit the tenancy agreement to six months in the first instance.

Be aware though, that if you want to take out rent guarantee insurance, to protect you if the tenant defaults on their rent and assist in the eviction of non-paying tenants, they must have been satisfactorily referenced.


upad landlord guide

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