I have a 6-bedroom detached property on the market for over 2 months. I’m struggling to find decent tenants. I have done referencing checks on 3 families, all of them failed due to adverse credit records. I’m referencing the 4th family now, and just found out they have adverse credit too, which they didn’t disclose before. I’m waiting to see whether they can find a guarantor.
I wonder why so many families have adverse credit issues. Is this about the property or just bad luck, or the reality of the society now? The property have a good amount of interests, but not many high quality ones. Most are relying on benefits, those who do work have bad credits.
This is society
Self managing platforms attract this as opposed to estate agents
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Thank you for reply. The first 2 referencing have been done via a letting agent. Since they didn’t manage to let it out for 2 months, I terminated the contract and decided to DIY on openrent.
I’m starting to consider guaranteed rent scheme/service (rent-to-rent), but don’t know whether I should go down this route or just be patient & continue to find a suitable tenant myself.
Do not do rent to rent
RRB is coming in it will become a problem for you
This is the market be patient
Getting good tenants will be harder than ever
I’ve had several months of void
Patience is key
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Do you ask screening questions before referencing? Total income, job etc? It is unfair if they are telling a lie and banking on something slipping through the net. It might worth getting a holding deposit before you start checks and keep record of answers to screening questions and state they might lose deposit if they withheld information. I just found tenants after 4 months (I was a bit picky) but what ever you do do not rush as it costs more in the long term! I know it is easy to say but it does not worth the stress sometimes. And I always think about the loss after tax amount which makes loss bearable dues to high rate taxes:)
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