Our top tips for holding on to good tenants
Finding new tenants for your property can be costly and time consuming. So, once you’ve found a good tenant, you want to make sure you hold on to them for as long as possible.
Letting out your property can be a stressful and costly process. And when a tenant moves out you have to go through the process all over again – searching for tenants, employing an agency, cleaning and repairing the property, and potentially facing the costs and inconvenience of a void property for a few months.
So when you find a good tenant you want to make sure you hold on to them. Balgores recently offered some top tips to help ensure your tenants are happy; here we share the key points.
Communication is key
When it comes to good landlord-tenant relationships, clear communication is key. Establishing a friendly, yet professional relationship from the outset can help to minimise the chance of problems arising further down the line. Meanwhile, providing a clear and concise tenancy agreement with details of rent payments and rules and regulations of the tenancy ensures that the tenant is aware of their rights and responsibilities from the very beginning.
Keep the property in good repair
Nothing will make a tenant leave quicker than a house that is falling into disrepair. A tenant is much more likely to stay in a home that is attractive and well cared-for. With this in mind, it’s vital to respond quickly and effectively to any maintenance issues – carrying out repairs in a timely fashion and carrying out preventative work to stop issues such as damp or mould, from becoming a serious and costly problem. Major issues such as a broken boiler or fridge should be dealt with immediately to minimise frustration and inconvenience for the tenant.
Respect their privacy
It’s difficult for tenants to feel comfortable in their home if the landlord is popping around to check on them every few days. So make sure you respect their privacy, keeping visits to a minimum and avoiding turning up unannounced. It’s also important to be aware that under the Housing Act 1988, you’re required to provide your tenants with at least 24 hours’ notice before entering the property.
If a tenant feels at home in a property, they are more likely to stay long term, so be flexible about allowing them to add their own personal touches to the accommodation. While you may balk at a request to paint all the walls black, allowing them to make slightly less drastic changes – such as painting a feature wall, hanging pictures, or removing items of furniture – can result in a happy and settled tenant who is proud to live in the property,
Reasonable rent levels
Keeping your rent at a reasonable level can play a key role in enticing tenants to stay in a property. Of course, you may need to raise the rent from time to time but be sure to give the tenant adequate notice, and try to avoid any large or unexpected price hikes. For loyal tenants you might even want to consider offering to keep the rent at the same level for a fixed term as an added incentive for them to renew their tenancy.
Nobody wants to lose a good tenant, and following these fairly simple suggestions can help you to ensure that doesn’t happen. Research has shown that if tenants are happy, they are three times more likely to renew their lease. So a happy tenant equals a happy landlord!