Landlords prefer referenced tenants to higher rents

A new survey reveals that making sure would-be tenants have passed reference checks is the top priority for landlords when looking for an agent to let their property.

Responses from 2,506 landlords across the country by Hunters Estate Agents show that almost 70% of buy-to-let investors consider this as a highly important consideration.

Factors

Further data from the investigation shows that somewhat surprisingly, rental yields did not rank in the top three factors for landlords when selecting an agent. Instead, the speed of a let and fully competent staff were found to be the second and third highest priorities.

41% of buy-to-let landlords said that finding suitable, long-term tenants was a key factor in selecting an agent. This suggests that people with landlord insurance value solid, reliable tenants over those that will just pay higher rents.

It comes as little surprise to learn that 66% of respondents mentioned that the speed of letting their property was important to them. This reflects the need to avoid empty properties and negate fears of having to claim on unoccupied property insurance.

Landlords prefer referenced tenants to higher rents

Landlords prefer referenced tenants to higher rents

Growing

Carrie Alliston, Head of Lettings at Hunters Property PLC noted, ‘it is undeniable that the UK has a growing market for lettings, with more people renting than ever before, whether this is because they are struggling to get onto the housing ladder or enjoy the flexibility renting gives them. It is therefore highly important to ensure that although the market is widening, agents are still doing the necessary procedures to protect both landlords and tenants.’[1]

Alliston went on to observe that it is reassuring to see despite rental prices rising throughout the UK, landlords have not cited putting their property on the market at a high price is a priority. She believes, ‘this indicates that the increase in rental prices across England is due to wider market factors, such as house price increases or the additional stamp duty charges introduced in April, rather than landlord greed.’[1]

[1] http://www.propertyreporter.co.uk/landlords/landlords-favour-referenced-tenants-over-higher-rents.html

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