LONDON, UK, April 23, 2009
/24-7PressRelease/ -- Take these straightforward steps to reduce the risk of prospective tenants slipping into rent arrears.
Bank on It
Ask potential tenants for at least three months' worth of bank statements so you can see their salary going into their account and have evidence that they've been paying their rent regularly. Bank statements will also give you an idea of how affordable they will find the rent that they will be paying you.
Work it Out
Obtain an employers reference in writing and don't take it as read that the reference is current. Google the company for the phone number (don't rely on being given it by the tenant) and call your prospective tenant's employer to confirm that the company exists and, equally importantly, that they are still an employee.
Get a Reputation
Speak to your prospective tenant's previous landlord/s to establish whether they were a reliable tenant; an invaluable way of flagging issues that could be hiding around the corner.
Vote of Confidence
Check the electoral roll to confirm that the tenant has given you an accurate previous address. This can show that they've not been trying to avoid being liable for council tax and also helps to confirm whether a reference from a previous landlord is current and genuine (in the event that you're unable to speak to them directly).
Passport to a Trouble-Free Tenancy
Ask the prospective tenant for a copy of their passport and visa, if required. This not only helps confirm their identity, but also whether they can legally remain in the country for the entire period of the tenancy.
Guarantee any Doubts
If you are uncertain that the tenants will be in a position to pay their rent every month for the term of the tenancy, secure a UK-based guarantor who will then be liable to pay the rent, should the tenant default.
Ask an Expert
If all this sounds like an awful lot of work, use a reputable letting agent to arrange your tenancy and ensure that they take these steps on your behalf to carry out a rigorous suitability assessment before your tenant moves in.
Insure your Peace of Mind
As a last resort, and for added peace of mind, consider taking out an insurance policy to cover the rent in the event that the tenant doesn't pay - but bear in mind that this can be an expensive option.
Neil Young, CEO - Young Group, is available for interview
About Young London (www.younglondon.co.uk)
Young London is a lettings, sales and management agency, specialising in newly built property across London. Young London is a Young Group company (a wealth manager that has transacted on more than GBP700 million of London property since 2003).
As part of an organisation that prides itself on delivering outstanding levels of customer service, Young London is proud to ensure that clients are treated with the utmost respect and that their expectations are always exceeded.
Young London currently has more than 300 properties under management and has found homes for more than 500 tenants in the last year alone.
Young London was shortlisted for the national Estate Agent and Letting Agent Awards, 2009, just six months after opening its first high street agency office.
Young Group at a Glance
• 255 The number of apartments that Young Group clients have successfully completed on in 2008
• 67% The percentage of new business generated through referral and by repeat investors
• GBP700 million The value of property that Young Group has transacted since it formed in 2003
• 1,700 The number of apartments that Young Group has transacted since 2003
• 15 The number of developments offered to Young Group's clients
• 300 The number of assets currently under management by Young London - our lettings business
• GBP35 million The value of mortgages written by Young Finance in 2008
• 272 The number of tenants who will sleep soundly in beds provided by Young Furnishing
• 99% The proportion of investors who will hold their property assets for at least the next 12 months.
http://www.younggroup.co.uk
About Young Group
Young Group specialises in providing Property Portfolio Management services to private investors, identifying the best off-plan opportunities in London on their behalf and managing the entire investment process - from sourcing the property through to financing, furnishing and letting.
Young Group is a wealth manager with a focus on property as an asset class. Young Group owns all the property it sells, and also retains a number of properties for its own portfolio. As the principal in every transaction, Young Group does not realise any profits until completion, giving investors 100% confidence that properties will 'value up' and that financing will be secured.
Young Group has transacted in excess of 1,500 apartments, with a retail value of GBP630m. The majority of our units are bought by clients for their private portfolios. The Group's lettings division, Young Lettings, has successfully let all investors' apartments within a week of completion.
For each property exchange, Young Group donates GBP50 to Children with Leukaemia, the UK's leading charity dedicated exclusively to fighting Britain's biggest childhood cancer through pioneering research, new treatment and support of children with Leukaemia and their families, and to Norwood, the Children and Families First charity which provides support to families facing social difficulties.
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