Seasoned investors know that it's not just about getting a good deal, it's also about cashflow. There's no point in getting a 50% BMV deal if you can't rent it out and it ends up draining money from your pocket.

Do you have a particular way to find good tenants every single time?
Do you trust your agents to find the best tenants for you?

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Sarah-Marie

Tycoons Community Manager

Sarah,
You or your agent can do all the checks in the world, unfortunately it still doesn't mean you get a good tenant. The best thing I can reccommend is prayer.

Best regards John

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PMM MEMBER

A walk of a thousand miles begins with the first step.

The second step is easier than the first.

Looking for BMV opportunities in and around CHESTERFIELD.

Hi Sarah

I have tried ways to find the ideal tenant,

Who is classed as the ideal tenant,

Is it the professional, is it the normal worker who has a 9:5 job.
Is it even a LHA tenant.

We have had all the above checked out. by professional companies. And all the above have either trashed. Done a runner. Or threatend physical abuse to either the Landlord or agent.

It would be great getting the ideal tenant. but just in case We carry out all the standard checks

Last three months bank statements.

N.I. Number

Copies of there driving or passport photo.

Check references (actually contact the referees)

But to give us real piece of mind we now take out insurance on the Tenant's

So if they trash. not pay rent. The landlord is totally covered. Rent paid in full (no excess)

Property re-paired with upto £50.000 covered for damages. Free access to a solicitor to start eviction proceedings,

This is Free to all our Landlords who's property we manage

I dont know who is the ideal tenant. But we do put things in place should the worst happen.

At least our landlords are then protected,

Hope this helps.

Les

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Beazley & Beazley Residential Ltd
51a Rodney Street, Liverpool. L1 9ER

(T) 0151 706 0505 (F) 0151 706 0666
www.beazley-beazley.co.uk

Total Awards: 1
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Once you have done your checks, and happy the tennant is good to go and moved in. I keep in regular contact with them, even if via text or email now N then. Always let them know I am there for any issues they have. Send them a birthday or christmas card every year. But most importanly I sort of put a fear factor into them, explain from the off what I tollerate and dont, and give them stories of tenants from the past who TRIED to do x,y,z and how I handled them. This isnt for everyone, but I am fine with doing it.

So for me, onc ethey have passed all the checks, and have copies of documents, deposit and first month rent taken. Its a case of "instill some fear factor" and maintain contact with them. I get some great jokes on text from numerous tennants now, even get christmas cards .

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Hi Leslie can you recommend the insurance company you use?? We are building to open a lettings agency sometime next year with my Daughter Chelsea thanks.

We go for single mums(usually have boyfriends we don't know about..but we do!!) with kids so if there is a default situation which there will be then at least we get housing benefit. We have some nice houses we have for workers that we vet as much as we can past landlord best call you can make and employer plus with HBen try and get a working guarantor all helps BUT you will always have those who will trash your house get used to it is a long game property and in the end it will be the best thing you ever did.

Kim

I'd be interested to know what percentage of tenants trash properties? I've never once had a tenant 'trash' a property. In fact, I'm not really sure what 'trash' means. To me, the word means to deliberately and maliciously cause damage and if thankfully that has never happened to me. I can only base this on personal experience but I've probably dealt with thirty tenants over six years and not one has ever caused damage for damage sake. Naturally you get the odd non-payers and slovenly urchins but never mindless idiots. I guess I've just been lucky on that front.

One of my favourite tactics for checking out possible tenants is to do a drive by of their present address. The garden alone can tell you more about them than any amount of credit searches and references. If you rock up to an address where the potential tenant lives and the grass is cut, the hedge nicely pruned and there is an absence of general detritus then it's a pretty safe bet that you're dealing with someone who gives a damn. If they live miles away, forget them - there's loads of tenants out there at the moment so you can be as picky as you like.

Renting the place out to the first Tom, Dick or Harry that comes along is a false economy. Take your time, pick the right tenant and your life will be more harmonious for it.

With regard instill a 'fear factor', that's just not me, quite the opposite. If that's the way you want to do it then who am I to say whether it's right or wrong but it doesn't sit very comfortable with my core values. I'm a lover not a fighter (maybe I'm a big coward) but I believe it reciprocity and it seems to work for me. All my tenants (even those in arrears) get a Christmas hamper worth around £100. The good will this engenders is the most effective way of making sure the rent keeps riolling in. I have respect for them and they have respect for me.

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If you can fill the unforgiving minute
With sixty seconds worth of distance run,
Yours is the Earth and everything that's in it.

Properties trashed since 2002

Extended family member did a runner after trashing property, no deposit in place therefore lost financially.

Extended family member left property in poor repair, deposit in place therefore recovered expense to put right.

Tenant did a runner, property left with contents and very dirty. Deposit in place therefore full recovery to put right. Thankfully a other tenant rang me to let me know someone was doing a runner. Sadly I arrived 10 minutes too late to catch them. No rent loss as I put the property on the market straight away.

Had many disputes over the condition of the property when they left and how much we want from the deposit. Thankfully we always have a inventory in place and to date not lost with the DPS.

Sadly we have one tenant leaving next week. I have visited the property twice since she gave notice and informed her I will not carry out potential viewings because the place is dirty. She was not happy to be told this and I have put this in writing and the things we need putting right before she leaves.

We always put it in writing just in case we end up with a dispute over her deposit.

I guess it boils down to your interpretaion of 'trashed'. To me, the above exapmles from Manc are mostly run-of-the-mill annoyances which are unfortunate by-products of the rental business. When the word trashed is used, I envisage fires, windows smashed, holes in walls, doors ripped from their hinges and bathroom furniture smashed to pieces. I know that's what I'd do if I were that way inclined.

Even when one of my properties was used as a cannabis farm, I wouldn't say that the place was trashed. The holes in the ceiling were a necessary part of their operation as was the bypassing and butchery of the electrical supply, although the insurance company didn't see it that way. They refused to pay out due to 'melicious damage'.

Needless to say - they weren't on my Christmas hamper list!

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If you can fill the unforgiving minute
With sixty seconds worth of distance run,
Yours is the Earth and everything that's in it.