You hear them say "... and it will attract a professional tenant." What a load of rubbish, your agent or you don't pick the property, the tenant does...
But the industry perpetuates this BS and hype about professional tenants. What you really want is covered on the video.
Video Transcription
Property Search...Think Gladfish. I'm Brett Alegre-Wood and this is Property Rant.
So today, what I want to talk about was the advertising that we get, and we get bombarded with advertising about tenants, the type of tenants, and, you know, it's always a professional tenant, it's always, you know, the type of tenant that everyone thinks that you want.
The reality is, the price of the property will determine the type of tenant you get, to a large degree. And this is the thing, is, you know, I manage over 1200 properties in the UK...not me, my team do, and in that time, I can tell you, and this is over 12 years now, we've never been able to pick the tenant that is going to go into that property, and what I mean by that is that we have a property in London, a beautiful property in London, central London, worth £700,000.
We could say we want a professional tenant, but the reality is, it could be a blue-collar worker, it could be an international student, it could be any any type of tenant, and the reality is, most people make the mistake you're thinking, "Well, I only want a professional tenant." I can tell you we've had as many professional tenants stop paying as we have international students, as we have serviced company lets.
The reality is what you're after is not a professional tenant, you're after a professional property management company, and that's what it really comes down to.
You're not going to able to stop somebody who has a change of life and all of a sudden they lose their job and they can't afford to pay the rent, you're not going to be able to stop that.
The references are unlikely to stop that to a large degree. Certainly if they've had the...in the past that's happened, then yeah, you might ward those off.
But the reality is, don't look for a professional tenant, look for any tenant, okay, and then make sure your property is professionally managed. Okay, guys, have a great day.
Live with Passion.
Brett Alegre-Wood
