When we rent out a property we have a robust systematic approach that works a treat.
Task 1: Reference checking This is a must as it gives us an insight into how the candidates we’re working with live. We always speak to a previous landlord and also preferably an employer too. We never just go off gut instinct.
Task 2: Credit checking We also perform credit checks through a recognised credit checking agency. The tenants give their consent for us to complete this and it gives us a snapshot of their credit score, what judgments they may have against them (bankruptcy for example), whether they have missed any finance payments and most importantly if there have been any Tenancy Tribunal lodgements.
Task 3: Signing the tenancy agreement The tenancy agreement is a legal contract that should clearly set out each party’s obligations. If the expectations aren’t clearly stated in this document, and there is confusion of some sort during the tenancy, it can put the landlord in a tricky position.
Task 4: Bond lodgements At Stable Property we secure the maximum amount we are legally entitled to take which is four weeks’ rent. This is our way of protecting ourselves, the tenants and also the owner of the property, from losing money should the tenant fall into rent arrears, if there’s any damage done or simply if the property needs to be cleaned at the end of the tenancy. The bond is then lodged with and held by the Department of Building and Housing, which is a government agency.
Task 5: Reporting It’s imperative that at the beginning of each tenancy (and between if there’s a changeover) that comprehensive photos are taken of the property and a detailed report completed so that the property condition at the start of the tenancy is captured. This is your insurance and a way of mitigating risk.
Task 6: Professionals And if this sounds like too much of a rigmarole for you then simply pick up the phone and call us as we’d be more than happy to do the job for you!
Stable Property’s top tips to follow when renting a property
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