As the pool of applicants grows and the amount of stock shrinks, it can be overwhelming for landlords to know how to respond to all their enquiries, whilst determining the key qualities they desire in their tenants. With applicants at an all-time high, just how are landlords to be expected to sift through all the enquiries with the little time they already have?
Generating template responses is the best way to save time when responding to enquiries. Do you really need to tailor an individual response to every enquiry received? Absolutely not. Using pre-determined templates will allow you to ask the important questions you want to know prior to booking in a viewing. For example, you can design a template that requests their current employment status, how many people will be renting with them (if applicable), how long they intend to rent for etc. and by the time the applicant views, you will have the key information you need to make your decision whether they are the right tenant for you.
Over the past three years, landlords have been told to look for tenants with the most financial security… So, when a tenant states they can pay 6 months’ rent upfront, what could be better? However, it is essential to look at the bigger picture and determine why they are putting forward this offer. Typically, this could be to cover any adverse credit on their record or unstable employment i.e. zero hour / temporary contract or even a problematic rental history. Can they still supply all the requested references and supporting documents? Being able to pay upfront doesn’t always mean more security for the care of your property.
Finally, tenant personality is one of the largest factors you will need to consider in your HMO. Who your current tenants are, will ultimately decide if the applicant is the right fit for the house overall. If you have a house that are all working professionals, over a certain age, will a second year university student be the best person to have rent the room? It is easy to forget the importance of tenant dynamics but this is most crucial thing to consider as it is the key to tenant retention. Happy house, happy tenancies.
At Platinum, we support our Franchise Partners through all stages of their journey, and lettings and tenanting are just two areas of expertise in our arsenal. If you’re interested in finding out more about how Platinum can help you achieve £50k+ annual income through a portfolio of high-quality HMOs, you can contact us at info@platinumpropertypartners.co.uk
