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How to vet your next tenant

If you are thinking of letting your property, you may be worried about how you can make sure you get reliable tenants – the sort who pay their rent on time, do not bother you for trivial things and are considerate to their neighbours. If you think you can judge people’s honesty well, you might be interested to know that not having a proper vetting process makes you seven times more likely to end up in court with your tenant. Let’s look at what a proper check should include.

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Suitable tenants

Firstly, decide what sort of tenants you want. Will you allow them to smoke or have pets? If not, these are questions you need to ask early in the relationship.

References

The Irish Property Owners Association recommends that you check any tenant’s credit score. You can contact a specialist firm to run a check on your prospective tenant’s credit history and this will give you a score, like a credit score, to help you decide whether to let to this person.

Other references worth obtaining are from the tenant’s employer, who can confirm employment and salary details, and a landlord’s reference, which will give you a direct answer to your questions about whether this person will be a good tenant; however, bear in mind that a landlord might give a good reference to enable a bad tenant to move on.

It is less useful to get bank references, as these can take a long time and you can glean the same information by asking the tenant to show you their recent bank statements. Personal references are subjective and unlikely to be helpful.

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Management services

If this sounds like too much hassle, you could consider using a professional agency; for example, companies such as http://clients1st.ie/ can look after all aspects of property management in Dublin for you, including pre-vetting your tenants.

Letting out your property does not have to be stressful. If you take the right precautions, you should find great tenants who will give you very few problems; in addition, there is always professional advice available if you prefer to take the route of using a management service to be the intermediary between you and your tenants. Whichever route you chose, being thorough is the key to a stress-free and prosperous future.

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