Property to rent advice required

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Orangefruit

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Hi all,

I am new to this. I read few times your forums.
I am new to the rental market. Looking to rent a property that belong to my parents.
We have insulated all the walls, renovated, attic insulated so the heating bills won't be much. We have redone the garden. New floors downstairs. New boiler.We have looked to put the property for rent . Place is located in good location close to city centre, close to dart station, bus stops, business park where there are lots of people working . We were looking for professionals. I have noticed that trying to reedit the ad to mention this, I couldn't : question: Am i am not allowed to say this in the ad? Also deposit Am I allowed to mention this in the ad? doesn't seem to be. First time i placed the ad, I got lots of responses. After establishing the first party and making the offer, I checked their references, discovered the landlord reference was fake. I couldn't reach the landlord and after placing the mobile no on my phone, i was able to see on whatsup that the picture of the supposed landlord was in actual fact one of the lads who viewed the house, when i reached out to the potential tenant to let him know , he went missing. I took it as bad luck. Next few viewings: I had few parties. I asked one party : couple with an older child, for work reference, they were not in a permanent job and their salary was quite low , but the dad told me all stories about how he will work overtime and won;t have a problem paying the rent. At the interview they were told deposit and first month rent to secure the rent. He did try to bargain me down which i have firmly refused. Again i am soft and thought they are nice! And in the end i offered them to them even as they were first even so I had other party of two people interested who supplied to me payslips and lots of references and had the capacity to pay the rent. The couple were keen asking me next step: i sent them the contract, told them about the deposit/ rent etc, other bits and bobs like the MPRN and we will take the readings together . Later the dad emails that he has to get the deposit from his landlord ( bare in mind his contract was finishing this weekend, his rental was up for sale online few weeks now so they knew they had to prepare to find a place and what entails). I agreed to let him pay me the deposit later , reminding him i will sign by hand proof he paid me. Then again he comes back with more queries, all the facts have been told before the offer. Then last straw: he emailed me today that he is not going to pay me the first rent only after he gets the keys and contract signed ( contract has been sent to him already unsigned). My husband was beyond furious. I felt already I was not sure if these people can afford the rent. I had to tell him we are taking back the offer. This guy was looking to move in without even paying first rent.
Before this incident , I had another person pestering me with emails professional couple with baby, my husband done the viewing : to find out this person was an agent who was fishing for some potential people, she was extremly arrogant.
What do you other landlords do when you advertise? What do you require from potential tenants ? What is acceptable and the norm? If i go in holidays and rent somebody's house I know i have to pay first to secure that rental and plus i have to pay deposit or deposit is blocked on my card until I vacate the property and the owner checks for damage. That is just holidays. Asking for first month rent and one month deposit upfront in order to secure the key of property seems to me fair enough or do landlords hand the keys and sign contract without seeing the deposit and month rent in the bank? Sometimes i feel even checking their landlords references is not safe enough, at the end of the day some landlord might want to get rid of their tenants and tell you they are great tenants just so they can see them gone?
If I go to a bank to buy a house, the first thing bank will want to see is my capability to pay the mortgage and ask me for a deposit on the house myself.
So my questions are to experienced landlords how do you go about renting your place? What do you request and when ? What are the red flag signs that you shouldn't bother with some people.We had put so much work and money in the place ! I get the feel that if you are nice to tenants , people think you are stupid and try to fool you.
I want to add, that after feeling uneasy after offer was made to the couple, the dad coming with queries that have been already answered before the offer made, i researched them more and came across some court case they were involved in their country , for the last year, to do with an apartment they tried to purchase there. Again I tried to stay positive till he delivered his last bomb.
 
Perfectly normal to show a prospective tenant the property, then they don't get the keys until you have their proof of ID, proof of earnings, signed contract, references checked and their deposit and first month rent in your bank account. There are lots of tenants out there, so the minute somebody starts wavering on any of this red flag goes up and you move on to somebody else. That tenant you mention sounds like they could become an absolute nightmare, people like that you give an inch and they take a mile; they're the one in the wrong and you should not feel guilty/obligated to them.

A couple of things you could consider -
1. Some landlords require two months rent up-front as the deposit, this will certainly reduce the number of applicants. Haven't needed to do it myself, but it's an option.
2. If the property is as you describe, it should appeal to a more discerning tenant, but keep in-mind they are trawling through lots of ads so you want your place to stand out. Good photos in good light showing the space of the place, mention local amenities, distance to public transport, features of the property that might make it stand out, if it's a first rental that's usually a positive thing so get it in there. Not sure where it's based, but worth thinking is it close to Google/Microsoft/Facebook/LinkedIn offices and mention that.

The reality is you will probably need to kiss a lot of frogs to get the tenant you want, but they are out there and you will find people that you can be friendly with who won't then take advantage of you. Keep looking and bear in-mind the effort spent now will be well worth it compared to possibly years of a problem tenant.
 
I mean no disrepect; would I be right in thinking that English is not your first language?

What you've written is perfectly understandable, though I would agree with Brendan that it's easier to read formatted text.

So, here's my thinking.

Yes, I think you've encountered a few chancers, and I wonder if they thought they could trade on your apparent good nature.

It's very much a landlords market at present, you can afford to wait and get the right tenant.

I would include in your advertisement that you must have a fixed deposit (round up to 6 weeks rent).

I'd also suggest that you get someone to review your ad for any typos, grammatical errors etc (again no disrespect intended here).

Have someone else with you when you are doing viewings, another opinion is always useful.

A final option is to consider a letting agent, it can help take some of the emotion out of the process.
 
Thanks Brendan Burgess point taken, I was in a very bad mood writing my post and it is quite long and hard to read.

Zenith63, great advice ! It is good how other landlords proceed with a prospective tenant.

Yes , it seems this way that i will have to kiss a lot of frogs before I can find a normal tenant. I also do vet all the references received .

Thanks Thirsty. No offence taken, but my ad has no typos or grammatical errors.

My friend looked at the ad and expressed her opinion that the pictures weren't doing justice to the place. I will have to take new pictures.

I honestly don't see what a letting agent does except putting an ad on daft and then vet people by ringing their references just like I do? What else does a letting agent does? I was approached by 3 agents as a fact. One that pretended she was a prospective tenant . Other two agents who actually had the decency to introduce themselves to me in the email as letting agents. But maybe other members have a better idea what a letting agent does extra ?
 
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If you want to PM me a link to your ad I’m happy to take a look, and will send you mine also...
 
Hi Orangefruit. I am a Landlord and I have read your post. I do practically all of my own lettings but I am at it quite a while. I would suggest that you should seek out a good letting agent first and study the rules and regulations associated with the rental market. There are a large amount of good decent tenants out there. The regulations and laws do not come into play when you have good tenants but just be aware of them.

If you get "bad tenants" you could spend a few years regretting it/getting no money and a damaged property back. You will get no sympathy from the system and tons of grief about what bad tenants are "entitled" and their rights. You will find a system that is loaded against you and very pro bad tenant.

Get a good letting agent as from reading your post I get a very strong feeling you are going to make a very bad decision doing it yourself. I will not suggest a letting agent
 
Thanks Zenith63, Leo and Thirsty.

One question: what are the pitfalls letting the property to a company who are prepared to sign the lease in order to house PHD students ( from other country) , so take full responsibility of taking care of the property, have it professional cleaned every month, share the photos with me, also let me inspect the property as I wish. They sign the lease for a year and extend if you wish. Students are doing masters and PHDs.

Did anyone ever singed a lease with these type of companies?

Thanks Dermot,

yes I have read a lot on rules and regulations associated with the rental market. I am aware of how bad tenants can affect somebody's life too, couple of my friends did also let their properties and had few issues with tenants. So i always listen to all the advice I can get from people. I am aware I will get no sympathy from the system and it always protect the tenant. I amazed to say the least of how the system protects bad tenants while the owner has to pay for everything . The system is broken and the sense of entitlement is high.

I do know there also good people out there .
 
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In relation to your query about letting to a company to house PHD students you would need to do some good research on the company as there have been instances of companies bringing in students from foreign countries and going bust and owing money to everyone including the students.

There is a good demand for good rental property so no need to over complicate the matter.

What accommodation does your property have and what is your general location and price range.
 
Orangefruit said:
One question: what are the pitfalls letting the property to a company who are prepared to sign the lease in order to house PHD students ( from other country) , so take full responsibility of taking care of the property, have it professional cleaned every month, share the photos with me, also let me inspect the property as I wish. They sign the lease for a year and extend if you wish. Students are doing masters and PHDs.
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Personally I think it is critical that your tenant has some 'skin in the game', if the students will be putting up a deposit personally then I'd consider it, otherwise not a chance; again it's a landlord market so why take the risk.

The last time I rented out a property though a corporate relocator contacted me on behalf of the tenant and made sure that the property was in good condition etc. before bringing the tenant to take a look. Lease was signed by the tenant and deposit provided by them. Worked very well.
 
I see good points.

Yes, house located close enough to East Point Business Park , few minutes by bicycle.
 
Your first post is hard to read. Put in paragraphs. You can edit your first post to get more responses.

You have to weed out the Bad ones. If a tenant says they will not pay the money until they are in tells you they don't have the money or need assistance and they will have the upper hand and you will be constantly looking for the rent. Move onto the text potential tenant.

I have a questionaire that every potential tenant most fill in. I only give these to the ones I think might be ok. I have had many refuse completing the form so no chance of them stepping in the door.

Proof of I'd, post no, Copy if bank statements 6months, contact details, emergency number if problem with tenant, email address, references, job details, where they lived the last 3rentals, no pets allowed, ask if they smoke, criminal record. Also a sheet stating they will pay the rent and the amount agreed. I would get 1month and a half in deposit and one months rent. If they have no history the ask for 6months rent upfront. Will weed out the bad ones. Also proof of previous rental gas /electric bills. If they have key meters that tells you they cannot manage their money.

Check their Facebook twitter etc and see if parties drugs etc are seen. You would be surprised how much information you would get. Life style choices really show on Facebook. Also when you show the property ask them questions why are you leaving what they do for money and sit back. They will want to tell you everything worts and all. What was their landlord like. It will tell you what they will think if you in the future. You don't want problems with third party complaints about antisocial behaviour.

Some tenants you can ask for a guarantor if you are going down the route of someone who can't pay deposit or rent up front. That's telling you they need state assistance.

Any tenant desperate to take the house usually means there was issues with landlord or did not pay their rent or got an eviction notice.

Check all references and if you can not get through then delete details and move on. Don't assume the last landlord will tell you the truth if they are trying to get them out. Look at previous landlord.
Ask what their property is like and you will see if it is a fake reference or not.
 
Wow. That is seriously in-depth. I cant help but wonder what is left to ask in the questionnaire?!

Q. "Where do you see yourself in 5 years"
A. "Not living here anyway"

:D:D:D
 
Lol. Yes but you are handing over a property worth say 200k? Now do you think the questionaire is good enough? This covered 1page. Any tenant refusing to compete has something to hide in my opinion. Agencies ask for nearly the same now.
Most of my tenants stayed up to 5 years and have one 8 years.
 
Thanks for making your post easier to read. Deposit one and a half months rent and one months rent in advance. No references 6 months rent upfront.

They pay deposit( non refundable if they go elsewhere which will not happen in the current market) on agreement of taking the property. If they cannot pay the deposit that is warning signs. Get the rent by bank transfer day before you give keys. Give receipt.

Only 6 months lease first as that way you can give them notice within the first 6 months without reason. Also you will know what they are like as after 6 months they can stay for 6 years. Make sure if in rent pressure zone you increase the rent yearly using the template and formula on rtb website.

Your potential tenant did not have funds to pay you and how they did it would say they are applying for Hap. They have to have a contract to apply for it. Google pros and cons of Hap. I think you got away lightly.

Advertise on Daft, Facebook supermarket notice boards. Don't worry you will have plenty to choose from. Make up a separate email address and only use from rentals. Buy a burner SIM card and use that initially. On daft only ask from email responses. Save you getting calls at all hours.

Don't fall for a sob story.
 
Sconeandjam said:
Lol. Yes but you are handing over a property worth say 200k? Now do you think the questionaire is good enough? This covered 1page. Any tenant refusing to compete has something to hide in my opinion. Agencies ask for nearly the same now.
Most of my tenants stayed up to 5 years and have one 8 years.
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No no you're right of course, and 200K is probably an under estimate of value. It's all just so different now, even from 4 years ago from when I last rented. I wonder is there almost a concept of a "Rental Ladder" developing? It surely must be almost impossible for college grads, immigrants, low paid, first time renters etc to get a foot on the rental ladder (as they couldn't possibly have 1/2 the stuff listed above).
 
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