LogoLogo
Instant Valuation

Branch address

Regal Asset Managers Limited
T/A Regal Estates
383 High Road, Willesden
London NW10 2JR

T: 020 8459 2530

Opening hours

Monday – Friday: 9.00AM – 6.00PM
Saturday: 9.30AM – 3.00PM
Sunday: Closed.

If you call the office outside of these hours please feel free to leave a message and one of our team will get back to you during opening hours.

Useful information

Transport: The nearest tube station to our office is Dollis Hill located on the Jubilee line. We are located a very short walk from Willesden Bus Garage and bus routes 52, 98, 260, 266, 302 & 460

Parking: Pay & Display parking on surrounding roads or free parking for a short period available at B&M Willesden.

How to select the best tenant when inundated with offers

17 days ago
How to select the best tenant when inundated with offers

When a property is listed for rent, there is currently no shortage of tenants vying to hopefully secure the home. The demand has been quantified by Rightmove, who says the number of enquiries each available rental property is receiving is 17.  

The byproduct of sustained demand is rental values that keep nudging higher. Rightmove’s figures show the average advertised rent outside of London has achieved a new quarterly record of £1,314 per calendar month (pcm). Even in London, which has a fickle micro-market all of its own, rents have increased to an all-time high of £2,661 pcm.  

It’s easy to assume that, when selecting the best tenant from 17 or more candidates, it makes financial sense to choose the person willing to pay the highest rent. Money, however, is not the only way to separate tenants.   

Instead, choosing the best applicant when inundated with offers requires a holistic approach. As a letting agent, our meticulous referencing process and credit checks will help you make an informed decision, taking multiple factors into account.  

If you find yourself lucky enough with multiple offers of a similar value, or want to establish whether an outstanding offer is too good to be true, it is worth considering the following in periods of high demand.  

Ongoing financial reliability

Agreeing a monthly rent is one thing but having the means to pay it every month is another. Referencing and a conversation with previous landlords will help establish whether the tenant has a history of missed or late payments, has a poor credit score, is in employment and what their income is. A landlord may also look more favourably on a tenant if they can provide a reference-checked guarantor, or has volunteered to pay a period of rent upfront.  

Behaviour that won’t bite 

It’s a false economy to accept the tenant with the highest offer only for them to cause malicious damage to the property that costs more than the deposit to put right. While it is impossible to predict the future behaviour of a renter, a previous landlords’ experience will give a good indication of how they conducted themselves in past properties. As well as damage, behaviour traits to be mindful of include anti-social behaviour and illegal activity – if this has occurred in the past, it may occur again and cause the landlord a different kind of hassle.  

Longevity: staying for the duration

A churn of tenants can create repeat administrative costs for a landlord. For continuity, it may be wise to opt for a tenant looking for a long-term home. We are mindful, however, that a fixed-term tenancy agreement should potentially include a break clause that will allow either party to give notice earlier than the set end of the tenancy. As a side note, we are monitoring the Government’s plan to scrap fixed-term tenancies in favour of periodic ones.   

If you would like to discuss renting out a property you own, with details on our referencing process, please get in touch

Share this article

Sign up for our newsletter

Subscribe to receive the latest property market information to your inbox, full of market knowledge and tips for your home.

You may unsubscribe at any time. See our Privacy Policy.