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Guarantors - necessary or limiting?

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Author Topic: Guarantors - necessary or limiting?  (Read 147 times)
Newbie
Posts: 3

I like property

« on: April 17, 2022, 09:34:49 AM »

Good morning all, and happy Easter!

The ad for my first BTL has just gone live. I'm led to believe that the market in the property area is buoyant and been told by a number of 'pros' that "you'll have no problem renting that, mate".  There are very few available rental properties in the area, I've done more than I needed to on the refurb, and we're pretty confident the rental cost is fair.

In 2 days Rightmove, Zoopla & Openrent have generated about 8 viewing requests. 6 of them I wouldn't touch with a bargepole, 1 is viewing today and they seem really nice. They tick all the boxes, other than their supposedly well-behaved and non-destructive little dog. I'm thinking of allowing the dog, because the couple really do, on paper at least, look to be perfect tenants - good jobs, good credit ratings, guarantor, been in their current rental for over 5 years, glowing references, and can string a sentence together in an email (unlike some).

I've been a little surprised that we've not been inundated with enquiries and wondered whether the "guarantor required" line in our ad has put-off a ton of potentially good tenants. So, I'd be really interested to hear from landlords that have experience of advertising "with guarantor" and without the requirement. Did you find it made much of a difference to the volume of enquiries?

We read articles about how there are twice as many people looking to rent than there are available properties, however that doesn't mean that those potential renters are any good. On the contrary, on the strength of what I've seen so far, a good proportion of them I wouldn't trust to clean the windows on the property, much less allow them to rent it. So do you think the guarantor requirement is too restrictive? My folks have a couple of BTL properties and they don't ask for guarantors; they think I'm mad to ask. However my initial thoughts were that so many people would want to rent it, that I could have my pick of fantastic tenants. It seems I may have been overestimating things somewhat.

I've altered the ad now to see if it makes any difference, but I realise that it may be like securing the gate, post horse-bolt. In the meantime, I'd be grateful to hear your thoughts on the subject.

Have a good one!
Global Moderator
Hero Member
Posts: 1531

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« Reply #1 on: April 17, 2022, 09:48:29 AM »

I have never requested a guarantor,nor have any of the agents I have ever used.On the contrary,I never take anyone whose income or credit rating would require a guarantor.You will find most landlords agree that a guarantor agreement is not worth the paper it's written on,if push comes to shove.
To answer your question,if I was a potential tenant I would find that off-putting.We are all different,but I hate asking for help and would find it very embarassing to ask someone to be my guarantor.It is also awkward for the person being asked to be the guarantor as well.It creates the impression that the person asking must have some hidden bad debts on their record.
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« Reply #2 on: April 17, 2022, 05:40:03 PM »

1. You can't disallow the dog (you can choose a Tenant without a dog).
2. Guarantor agreements are pointless... why would any Landlord put "Guarantor required" in their advert? That sounds insane. Of course it will limit your enquiries.
3. Of course the Guarantor requirement is too restrictive - some Tenants could earn more than any of us and not need a Guarantor. What are you letting, a palace?
4. Why are you taking lettings advice from Ladies of the Night... I know some are said to be very good listeners, but are their qualifications valid to be giving advice?

Like your folks... I think you're mad to ask. Good that you've changed it.
Newbie
Posts: 3

I like property

« Reply #3 on: April 17, 2022, 06:32:31 PM »

Folks,

Many thanks for coming back to me. I think you're both right and I'm not too proud to change my mind, which is what I've done. My thinking was that my parents and my friends would be guarantor for me if I asked, because they know that I'd sell my kidney before I'd fail to pay my rent. I recognise now this was a mistake but I thought you might be interested to know where my head was at.

Rookie mistake, but one it looks like I might've got away with on this occasion, as the people.that viewed are lovely, want to rent the place.......and have a guarantor. Appreciate this may well have been a bit of a fluke though, so I'll be less picky next time!

All the best.
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« Reply #4 on: April 18, 2022, 08:30:39 AM »

...as the people.that viewed are lovely, want to rent the place.......and have a guarantor.

...and a dog?
Newbie
Posts: 49

I like property

« Reply #5 on: May 21, 2022, 10:19:57 AM »

 their supposedly well-behaved and non-destructive little dog.

😂. Sorry.
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