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How To Reference Tenants FAST! | Property Business Basics and Property Management With Tony Law - YouTube
Channel: Your First Four Houses
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if you're a landlord and you're not
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using a Lessing agent how exactly do you
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reference a tenant that's coming up
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after this hi my name's Tony Doyle from
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your first four houses and my channel is
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all about helping you achieve financial
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freedom through poverty if this is your
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first time here be sure to subscribe to
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my channel and click the bell
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notification icon because I've got loads
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of content on I'm looking forward to
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sharing with you and you don't miss out
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on any of this stuff but this is one of
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six videos that I've put together for
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you that's all designed to help you find
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and keep the very best tenants in your
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properties and I broke it down into six
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different lessons for you
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we've got demand advertising viewings
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referencing retaining and sadly removing
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tenants form properties and this one is
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all about the referencing so it's going
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to start off with the employers
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reference so you're simply going to pick
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up the phone and you're going to speak
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to the potential tenants employer it'll
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only take a few a few minutes to do this
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but you want to mean to get a sense of
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whether they actually have genuinely
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been there for quite some time and you
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can also ask how much they're actually
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earning and so on and make sure that
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tallies with what they've actually put
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on their form now I should take a step
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back here and say by the way that
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there's plenty of organizations out
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there that can do all of this for you
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but I find that I can reference a tenant
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usually within about 10 minutes maximum
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so I just kind of do it myself to be
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perfectly honest with you next we're
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going to want to get a landlord's
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reference in fact if I get a landlords
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reference from where the tenant commonly
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is and I'm slightly dubious about that
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because don't forget if that landlord
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has a massive issue with this particular
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tenant it sounds really vicious but they
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might be desperate to get them out of
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the property and into another property
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so just be a little bit cautious when
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you speak to a landlord if you get a
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sense that there's something not quite
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right there if you get there I
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personally would then ask to speak to
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the landlord before this particular one
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because obviously they've they've got
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nothing to lose they will be deadly
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honest with you ask for a guarantor if
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you have any queries whatsoever
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the nature of this particular tenant
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just ask for a guarantor and then you're
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going to carry out these references via
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the guarantor ask for a decent-sized
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deposit I kind of feel that if a tenant
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isn't able to pay you a let's say a
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month's upfront for example the bare
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minimum if they're not able to pay there
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are they may be going to struggle to
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actually pay the rent I suggest maybe
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that is the case now I appreciate you
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could not going to be able to follow
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that advice absolutely in some parts of
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the country but in my part of the world
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on this on the world on the south coast
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everybody can afford I've found this to
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be the case my tenants have anyway they
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can afford to pay one month deposit up
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front and in my opinion that's the bare
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minimum that I personally will actually
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accept carry out a credit check on this
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individual and you need to rely on it
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now there's organizations out there you
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could use for example letting rest for
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example open rent in LA these are all
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organizations that will actually gladly
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do this check a credit check for you and
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it's really cheap to do and rely on it
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because frankly if you get a credit
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check that comes through that's a little
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bit dodgy a little bit questionable
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when I give you a really good indication
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does it not on how they actually manage
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their finances and lastly and you've
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heard this one before trust your gut
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this is going to sound awful if next bit
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even a killer could get somebody to say
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something nice about them oh that's
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horrible
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but hopefully you get the message that
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I'm saying there trust your gut what do
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you genuinely think about this person
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because ultimately it's your decision as
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to whether that individual is going to
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be able to move into your house flat or
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HMO I really hope you found that one
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helpful if you did be sure to subscribe
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to this channel and I've got a couple of
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other videos here that you may well find
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helpful my name is Tony lohr from your
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birth for houses
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seeing you in the next one
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