FINDING THE RIGHT TENANTS
Why Effective Tenant Vetting is Essential for Property Management Success
In the competitive world of property management, maintaining high occupancy rates and tenant satisfaction is paramount. At SYZO, we've developed our tenant vetting process over the last three years to ensure that every new resident is a suitable fit for our communities. Our approach not only enhances community harmony but also ensures long-term rental success.
Efficient Initial Screening: The first step in our vetting process involves initial screening questions that quickly identify whether potential tenants meet the basic criteria for affordability and reliability. This step is crucial in ensuring that time is not wasted on applicants who do not meet the financial or background requirements, such as those with outstanding County Court Judgments (CCJs).
Comprehensive Digital Referencing with Canopy: We use Canopy, a modern digital referencing tool, to obtain a detailed overview of an applicant’s rental history and financial stability. This technology-driven approach allows us to assess rentability efficiently, making our process faster and more thorough than traditional methods.
Personal Connection Through Video Calls: Perhaps the most vital part of our vetting process is the video call. This interaction not only allows us to get to know the applicant on a more personal level but also sets clear contractual and social expectations. It's an opportunity for potential tenants to ask questions and for us to gauge their compatibility with current residents, ensuring a harmonious integration into our already tenanted properties.
The SYZO Advantage
We've found this streamlined three step process to be both highly effective and, importantly, much more efficient than those of traditional letting agents. It allows us to ensure that only the most suitable candidates become part of our communities. Although no system is infallible—occasional challenges such as job losses after tenancy commencement can occur—we respond swiftly to minimise any disruption and ensure continuous harmony and satisfaction within our properties.
Properly vetting tenants upfront can prevent numerous issues down the line, from rental arrears to community discord. At SYZO, we have occasionally declined applicants to protect our community's integrity and ensure our existing tenants remain content. This careful selection process leads to happier tenants and, by extension, higher occupancy rates—a win-win for property managers and landlords alike.