WWYD with this tenant application?

[Spades]

G'morn all,

I currently have a renovated 1 bedder up for rent.I've received an email from

my rea saying out of 12 physical inspections,1 application has come back as

satisfactory.

They are a young couple and have been living at home with there

parents,hence no references.

The guy works,employment has been confirmed and wife is looking for work.

Rea has suggested if i'm interested,to place them on a 6 months tenancy as

a trial period and extend the agreement if they prove to be good tenants.

I have no problem renting to a couple who have been living with there

parents as you've got to start somewhere.

So my question is,would you go 6mnths tenancy as suggested by rea?Or

would you go 12mnths?

Thoughts?Any other advice would be helpful too

Thanks in advance,

Cheers Spades.

 

[wylie]

Maybe find out if you pay another week's fee when they sign them up for the second lot of six months. If so, perhaps they would agree to waive it.

 

[Spades]

Thanks wylie,i didn't think of that,thanks

Cheers Spades.

 

[DaveM]

6 months up front as if they prove to be game players (ie always in arrears and pay on the last day of the vacate notice) then you can just terminate the lease with 30 days notice at month 5 rather than month 11.

If they are good then do 12 month leases after the initial 6

 

[Spades]

Thanks wylie and DaveM.

I was initially thinking of taking the punt and going 12mnths as i was factoring in that

they are a particular race\religion that are reliable and clean,well imo anyway.

BUT i think i'll go 6mnths as suggested and see if a week's fee could be waived after 6mnths.

Thanks again

Cheers Spades.

 

[Propertunity]

We've done this before too BUT on a 3 month lease to start. If they do well with upkeep and tidiness and paying on time - then 6-12 months after that (but not to start with).

 

[vaughan]

BUT i think i'll go 6mnths as suggested and see if a week's fee could be waived after 6mnths...

Looking at it another way, for the small sum of a week's fee you buy the opportunity to legally and quickly terminate bad tenants after 5 months instead of having to wait for 11 months to pass.

 

[Spades]

We've done this before too BUT on a 3 month lease to start. If they do well with upkeep and tidiness and paying on time - then 6-12 months after that (but not to start with).

Thanks propertunity,i'll take that on board for worthy consideration.

Looking at it another way, for the small sum of a week's fee you buy the opportunity to legally and quickly terminate bad tenants after 5 months instead of having to wait for 11 months to pass.

Good point vaughan.

Thanks guys

Cheers Spades.

 

[chindonly]

I had an almost identical situation recently.

Young couple, no refs but good work history.

Gave them 6 months and has worked out well so went 12 mths after that.

No charge from PM for renewal.

 

[Truly Exotic]

id start with 3 or 6 months, also negotiate a half or 1/3 fee for the letting fee,

putting them on 3-6 months makes them aware that this is their trialperiod so they better behave!
that being said, they could easily be good for 3-6 months and then become bad, but at least you have the option to evict

 

[Spades]

Hi Truly Exotic,

I've decided to go with the 6 month trial period and agent will let the letting fee roll on to the next renewal.

Seem like nice young quiet couple as i ran into them by accident as i was picking up some furniture from a neighbor.

Cheers Spades.