Letting a property is a big decision. You are entrusting someone else with, what is usually, your highest value asset. If you are letting your own home, rather than a second property, this also comes with an added emotional attachment, so you want to know that the person moving in will take good care of it.
We live in a service orientated environment where reviews are available on the internet for the world to see. Tenants want to feel that they are getting a consistent, fair deal for the money they are paying, and landlords want a reliable tenant who abides by their tenancy agreement, pays on time and takes care of the property as if it were their own.
The key to a happy landlord/tenant relationship is mutual respect.
It’s always a good idea to meet the tenant face to face, walk your tenant round the property and show them how things work. This way, you become a landlord who is present, not just a name on a piece of paper. Building a rapport and establishing rules for your property in a friendly manner can set the tone for the tenancy. You may also wish to engage your agent to communicate your desires and ensure any necessary requirements are added to the tenancy agreement.
Tenants want a landlord who will deal with maintenance problems promptly, and those that do, often find it generates goodwill in the form of prompt rental payments and a greater level of respect towards the property. After all, if you show you care, the tenant will too.
If you are managing the property yourself, make sure you provide the tenant with a mobile number that you are easily contactable on. If you aren’t able to be on hand “out of hours”, consider appointing a property manager to handle such queries.
With more people renting than ever before, it is becoming more common for tenants to want to put their own personal touches on a property to make it feel like home. Not all landlords want tenants painting walls or re-tiling bathrooms, but be open to discussion. Perhaps the alterations will be an improvement, and you can always ensure there is a clause in your agreement that the décor be returned to its original state at the end of the tenancy.
Tenants should also not be afraid of communicating an issue to a landlord, the more approachable you are, the more your tenant is likely to communicate with you, particularly if there is an issue with paying rent. Sometimes life happens, and people lose their job or get sick, making the payment of rent a temporary difficulty. While failure to pay rent is a serious issue, it is also one that many landlords will seek to work out with a tenant, as eviction and re-letting can be costlier and more inconvenient. Smart landlords know that flexibility with a tenant can lend itself to a tenant who will stay long-term and provide security for the landlord.
A buy-to-let property is an investment and without proper maintenance it will devalue. Don’t wait until a tenant complains that there are cracks in the walls, or the paint-work is tired.Continue to invest in your property. A lick of paint at the end of each tenancy, replacing appliances and laying new flooring when it starts to wear will keep your home desirable and ensure you keep hold of good tenants already in situ, or help attract the right tenants in the future.
Savvy landlords know that tenant retention is as important as finding a good tenant in the first place. It saves time and money, and can go a long way toward ensuring your favourite tenants stick around beyond their initial lease term.
We believe that offering a tailor made choice of services to suit our client’s individual needs is essential in today’s ever changing rental market. From finding a single tenant to fully managing all aspects of a large portfolio, we have an excellent and easy to understand choice of services. Contact your local Townends Letting Agents branch today for more information.