Keep your tenants and keep your property occupied with this simple guide.
As property is forming many people’s investment portfolios, it is vital to generate a healthy rental yield. One way to do this is to keep your tenants happy, and if you have a good tenant, you are likely to want to hold onto them as long as possible. This will ensure that you experience minimal voids and any costs related to reletting the property. In order to be the best landlord you can be, follow this simple guide.
1. Strike the right balance.
Building a good rapport with your tenant is important. However, you do not want to be always be bending over backwards for them. By having a good relationship you are less likely to receive unrealistic requests and more likely to have a tenant who respects the property and looks after it well. Remember you do not want to give in to their every need, but it is worth considering any that will add value to your property.
2. Create a warm welcome.
Like any business relationship, it pays to start on a good footing. If you can, meet with your tenant so that you can put their face to their name. This also gives you a chance to ascertain what is the best way to communicate with each other to ensure that you are able to respond quickly.
3. Consider requests for improvements.
If the tenant wants the hob replacing but it is full working order, I am sure you would be reluctant to replace it. But if the tenant wants secondary glazing to provide a quieter bedroom and to retain the cool from the air conditioning, then consider such improvements or maybe consider if they are willing to split the cost.
4. Value a good tenant.
Some landlords do not want to upset good tenants. Therefore they do not seek a rent increase if they have stayed in the property for more than a year. If you have a good tenant who pays their rent on time and causes you no hassle then this is one to consider. Do you want to risk increasing the rent and potentially upsetting your relationship with the tenant, or worse still, the tenant moves out. Gauge the situation as each case will vary.
5. Allow your tenants quiet enjoyment.
Don’t forget that you must permit your tenants quiet enjoyment whilst they are renting your property. Should they not keep it as tidy as you would hope, do remember that it is a business arrangement and there is a reason why a deposit is collected.
