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Welcome
My name is Adarsh Shah, and I am the Director here at Parkside Estates. I’ve been working in the property industry for a number of years.
In this guide, we share advice on the most important decision a landlord has to make – which tenant to accept for your property. We also look at what you can do to attract the type of tenants you want, and highlight why it makes such good financial sense to aim to keep great tenants for as long as possible.
Finding and keeping your dream tenants will undoubtedly help you sleep easier. It will also make a huge difference to your peace of mind and your property’s profitability.
If you have any questions about the topics in this guide, or anything else rental property-related, please feel free to contact us. We’re here to help.
Adarsh Shah, Director, Parkside Estates
What makes a dream tenant
In our experience, there are three excellent indicators of a potential tenant’s suitability.
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History
Look out for a good track record of steady employment, sensible personal financial management, and positive past rental experiences. A good letting agent will collate all this information for you, so you can make the most informed decision possible about who to rent to.
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Responsibility
A good tenant will treat your property as if it’s their home – because, after all, that’s precisely what it is. That sense of responsibility also applies to paying rent on time, being a good neighbour, and communicating with the landlord or letting agent should any issues arise with the property. This type of tenant is always co-operative when it comes to periodic inspections.
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Organisation
The best tenants tend to have their paperwork in order. If documents such as bank statements, ID, application forms, payslips, tax returns, and employment references are handed over swiftly, it’s usually an excellent sign. The opposite can often be said if there are delays in providing requested information.
How to find dream tenants
Now that we know what makes a dream tenant, let’s look at how to find them for your property. Here we’ve focused on two key aspects of unlocking your rental’s potential.
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Marketing matters
You could have the best, most fairly priced rental property in the world, but if its marketing is substandard, it won’t grab the attention of your ideal tenants.
Brilliant marketing basics include good-quality photography that highlights the property’s benefits, extensive promotion on property portals, and working with an agency with a database of potential tenants.
And not just any tenants. A good letting agency will advise you on the best target markets for your kind of property, then help create a marketing strategy around appealing to those ideal renters – be they professional couples, young families, or single people.
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Present your property properly
Today’s renters are more demanding, especially those in the dream tenant category. So it’s important that your property is well maintained, safe, secure, and fits the lifestyles of your ideal renters. For example, a young professional couple may be drawn to your two-bedroom property because the ‘spare’ room offers the perfect place to work from home.
Void periods needn’t be a landlord’s biggest fear – they can be the perfect opportunity to redecorate, refurbish, and reimagine how the property can be presented to a new target market.
How to keep dream tenants
Good tenants are worth keeping because they save you money, time, and hassle.
Money – a good tenant who stays in your property eliminates void periods and pays the rent on time, which is great for cash flow. Time – a problem tenant can soon become a drain on your time and energy if you’re trying to deal with the situation without the help of a good letting agent. Hassle – once everything is correctly set up, rental payment dates arranged, regular inspections planned, and maintenance dealt with promptly, a good tenancy tends to run very smoothly.
Here are five simple ways to raise the chances of keeping good tenants in your property for longer.
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Respect
Treating your tenants fairly and respectfully is a recipe for a good, long-term relationship. Remember, your property is their home.
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Communication
Always communicate clearly with your tenant about matters that affect them.
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Efficiency
By quickly dealing with any issues and addressing any concerns, you build trust and rapport with your tenant.
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Pets
This is a red line for some landlords, but you could be missing out on excellent tenants due to a ‘no pets’ policy.
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Professionalism
Many landlords don’t have the time or inclination to get involved in running their rental. This is where an excellent letting agent steps in, as the reliable bridge between a responsible landlord and a dream tenant.
Four tenancy myths busted
There are many myths and lots of incorrect information about getting the best possible tenants. Here are four we have to bust on a surprisingly regular basis.
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Myth: the tenant willing to pay the most rent is the best option
Fact: in our experience, this often isn’t true. When selecting a tenant, you need to ensure their references have all been checked, they’ve provided all the necessary paperwork promptly, and their employment and financial situation is secure. Sometimes a more stable, longer-term tenant willing to pay a fair rent is better than someone agreeing to a higher figure who may become problematic in the future.
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Myth: I only need to check a prospective tenant’s credit score
Fact: someone’s credit score only tells you a small part of their situation. Legally, you’ll also need to check their right to rent in England. To protect your investment, you should also seek references from their employer, wage slips, and testimonials from previous landlords.
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Myth: the rental market is so strong that my property will let itself
Fact: yes, the local rental market is robust, but properties that are not correctly marketed attract tenants who will pay less rent. Failing to follow the procedures and checks an experienced letting agency carries out can also leave you vulnerable to tenancy issues. It’s always wise to provide a good-quality home and not become complacent when rental demand is high.
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Myth: renting to family or friends is always a really safe bet
Fact: unfortunately, this can be a recipe for disaster. Many landlords rush into this kind of arrangement without proper tenancy agreements in place. If the situation turns sour, there’s often an emotional and financial cost.
Your 11-point checklist for finding (and keeping) dream tenants
- Is your property in a suitable condition to attract good-quality tenants? We can give you an honest assessment of where your property sits in the current local rental market, and advice on how to improve its condition.
- Do you have a plan for attracting as much interest to your property as possible? Again, this is something we can help with – professional marketing means your rental gets more attention from potential, high-calibre tenants.
- Are you clear on what makes a tenant fall into the ‘good’ category? Clue – the ‘What makes a dream tenant’ section above will help.
- Do you know all the steps needed to reference a potential tenant properly? We can do this for you.
- Is your tenancy agreement professionally drawn up, and will it stand up to scrutiny?
- Do you have a government-backed deposit scheme in place for the tenancy?
- When will you be making periodic property inspections? There are strict rules around this that we can advise you on and create a plan of action around.
- What’s your plan for ensuring the property is well maintained and legally compliant? You’ll need gas, electrical, and other safety certificates in place.
- How much will you be budgeting for repairs and maintenance? As mentioned in this guide, dealing with issues swiftly and successfully lays the foundations for long-term tenancies.
- Following on from the last point – do you have access to trustworthy, qualified tradespeople who can attend the property quickly to carry out any maintenance or repairs?
- What does your renewal process look like? When you have good tenants, it’s worth finding out whether they want to renew their tenancy 6, 8 or 10 weeks before it ends.
We hope you enjoyed our guide to finding (and keeping) dream tenants. Contact us today on 020 8445 6737 if you have any questions about this guide, lettings, rental investments, property management, or anything else to do with rental property.
General information, not legal, financial or tax advice — every situation is different, so speak to a solicitor or accountant about your own before you act on it.
