The statistics of the population in London is amazing. Amongst the total population, almost one-third people are born outside the UK.
It means when you decide to rent your property, it is a significantly high probability that you will get an international tenant.
Though a lot has been talked about the diversity in the society, still the international tenants and landlords (local and international both) have a few preconceived notions.
The notions sometimes help in choosing the right tenants whereas it becomes a hindrance also. Property experts say that it is not a right thing to keep any prejudice or perception when you want to rent out the property.
The preference should be given to pick the right person and not to check the nationality.
Here are some points to remember if you are looking for some international tenant.
International tenants prefer a place where they find an international school
The probability of getting an international tenant is high if the property is situated in a locality where there are several international schools around.
People from other countries like to get their wards admitted in the international schools. It is because they feel that the same franchise will offer admission in their respective country.
International tenants expect more clarification about the terms
You can hire an international tenant, but you need to spend a lot of time and energy in explaining the terms and conditions of the property rental agreement.
Local tenants find the terms and conditions quite simple, but international tenants may find it intricate.
Hence, landlords need to explain the same to the tenants. The following things should be explained at length:
- Contract terms
- Fees arrangement
- Duration of the contract
Privacy of the information
The international tenants are more skeptical about the secrecy of information. They want 100% anonymity and don’t mind paying the rent of 12 months in advance to avoid any reference checking.
However, they are supposed to get through the ‘right to rent’ checks.
International tenants expect a package of services
Since the tenants don’t have any credit score rating, they struggle a lot to get the basic facilities and services. Therefore, they prefer fixed-price services in the property.
They don’t mind paying for the same with the monthly rentals.
If you are going to hire an international tenant, then keep the facilities ready, e.g., phone and broadband services, central heating and cooling system.
Luxury services are expected by them
There is a niche that expects luxury services on your property. For example, students and young professionals from Asian countries want to live in the posh localities of the central London.
They expect lavish properties and top-class facilities.
Thus, if you are targeting these tenants, then arrange lavish facilities. The tenants don’t mind paying exorbitant rents.
When you want international tenants, the property should carry things that they find fascinating. It is advisable to keep the finger on the pulse.
When you are well-informed and well-prepared, it is not a big deal to get a good international tenant.