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Monday, 29 June 2015

Tenants-the unknown varaiable?

Property is a hard structure. It’s not emotional. It will stand for 30 years or more come rain and shine and still perform for you providing you service it and look after it.  Repairs are quantifiable and most can be planned for but your Tenants are an unknown.

They are human and not so fixable as a boiler or a dripping tap. In the 30 years they get upset / get drunk / lose jobs / split up from partners / become violent / get depressed.
They may wear a suit and speak well when you first meet them. That is because they want your house. But you literally only scratch the service when you meet them and on that basis you entrust them to live in your £100,000 asset AND you also trust them to pay you maybe 7K a year in rent to do so. Scary.

This is where a good agency comes in.  A good agency will do due diligence and checks and discuss potential tenants with you.  They will periodically inspect your property to make sure that there are no issues that your tenants have forgotten to tell you.  They will find out if a tenant has a bad credit file or has mistreated a house before.  Martin and Co even monitor tenant’s credit files as the tenancy continues so that you are aware of potential problems earlier. They will have condition reports on file on the property when your tenants move in and out.  Get reliable tenants, cut the voids and maximise your return-come to Martin and Co.!!

Martin and Co will cut your stress when renting out your property. 

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