Finding the right tenants
Different types of properties will appeal to different people, so it is important to understand your market in order to find the right tenants. Generally, the type of tenant you choose may affect the duration of their tenancy period and they fall under the following categories:
Your decision as to whether tenants will be permitted to smoke in the property or have pets living with them may affect a prospective tenant’s decision to rent the property.
Using letting agents to find the right tenants
A letting agent can be used to help you recruit and screen potential tenants. The screening process should include credit checks and references and is best carried out via an independent referencing agency.
At KFH, you will deal with an experienced local lettings team who know the area well. They will keep you informed on any prospective tenants interested in renting your property and what they thought about your property after the viewing. Your lettings team will show prospective tenants around the property on your behalf, making sure it is convenient for you and any current tenants.
Households in multiple occupation (HMOs)
House in Multiple Occupation (HMOs) defines a property where certain conditions apply. A standard HMO will occur when three or more people (including children), who do not form one household, occupy a property.
A mandatory HMO licence will be required when five or more people, who form more than one household, occupy a property. A landlord must comply with the conditions of the licence.
Many local authorities have also introduced additional HMO licensing schemes. Typically, this will be for three or more people who form more than one household (as per the standard HMO above) but requirements will vary from local authority to local authority. An additional HMO scheme may operate in a certain area of a borough or may cover the whole borough.
Some local authorities have also introduced selective licensing across part or all of the borough. Where the property sits within a selective licensing scheme, the landlord will always need to obtain a selective landlord licence, regardless of the number of tenants.
Licence costs vary considerably and landlords should check with the relevant local authority.
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