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Landlords. Are you putting yourself at risk?

Wednesday, August 13, 2014 Posted in: Property Market Landlords Tenants

AXA have recently conducted a study into tenants, and are concerned that landlords are putting themselves at risk.

Having looked into the research, AXA have found the following surprising statistics

26% of tenants pay their rent late (equivalent to 2,158,000 tenants nationwide). One in 10 tenants admits to having done a moonlight flit to avoid paying the landlord money (equivalent to 830,000 tenants nationwide). 18% have kept pets in the property without the landlord’s permission (equivalent to 1,494,000 tenants nationwide). 15% have received complaints from neighbours for excessive noise (equivalent to 1,245,000 tenants nationwide). 8% have sub-let to someone else without the landlord’s permission (equivalent to 664,000 tenants nationwide)

Most seriously, 8% of tenants nationally have admitted to committing an offence at their rented property. Of these, 18% more tenants who have committed a crime are male. These whilst 10% have had the police called to their property.

These statistics really do emphasise the need to thoroughly reference all potential tenants; including employment, landlord and credit checks. Under 1/3 of landlords ensure that all of these checks have been made before accepting a tenant.

Ensuring great well referenced tenants not only means that you are more likely to receive rent on time each month, but it is also a worthwhile investment with regards to the property. Proactive tenants are much more likely to report maintenance issues early on, helping to ensure that the property is maintained in a positive state.

It has been reported that landlords would rather keep a tenant with a great track record rather than accept a 20% rent increase! 

College and County have always been aware of these risks, long before this research was published. Because of this, we don’t work on a first come first serve basis. Instead we focus on finding the right tenant for the right property. All viewings are carried out by our own staff so that we have a chance to meet the potential applicant first and learn a bit more about them. They are then asked to create short bios about themselves so that we can learn more about them on a personal level, and find out why they believe the property in question would be best suited to them. These are then sent to the landlord who can choose which applicant they feel will suit the property best- after all, no one knows the property better than the landlord. 

Once a decision has been made, we then carry out our own credit, employment and landlord checks to ensure that you really do get the best possible tenant. It is not until these checks have been completed that we then take deposit payments and ask the applicant to sign the tenancy agreement.

We have found that choosing our tenants this way, and referencing them thoroughly ensures that our landlord’s properties are maintained as if it were the tenant’s own home. Furthermore, once great tenants have been found, we don’t charge renewal fees. This works as an incentive to ensure that our tenants who look after the properties so responsibly stay with College and County, and in turn remain your loyal tenants.

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