Tuesday, January 26, 2010

Back to Basics - tip3

Tip 3
Secure a Quality Tenant

A quality tenant will respect the property, pay the rent timeously and behave appropriately. Unfortunately some tenants have learnt to deceive landlords into believing they are a quality tenant by their smooth talking, fancy clothes or flashy car. A smarter solution is to use TPN’s tenant and credit profile system.

Every letting agent or landlord will have their own tenant acquisition policy, my own policy:
  • See an original copy of the ID document and make a copy
  • The tenant must sign an application form and complete in form in full including their affordability (income and expenses)
  • Collect supporting documentation (Copy of ID / Passport, Salary Slip, if the tenant has a saving account, 3 months bank statements. If the tenant has a current account I perform a bank code
  • Credit Reports: ID verification, TPN enquiry, TransUnion, Experian enquiry & a bank code.
  • All of the above for each adult occupant

My personal policy is I do not take on any prospective tenants with any negative data or where affordability is an issue (I include the utilities into the calculation for affordability).

Every adult occupant is required to sign the lease agreement jointly and severally.

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