The perfect balance for any landlord is to ensure a regular, unbroken income from your property with a minimum of effort and hassle. And the best way of ensuring that is to keep any good tenants you already have.
The obvious advantage of keeping a good tenant is that you won’t have gaps in the rent coming in, but there are other benefits. If the tenancy isn’t constantly changing, you’ll be spending less time preparing the property for new tenants. You’ll also avoid the stress that comes with any new tenant — will I have problems with this one?
So what can you do to make it a no-brainer for your great tenants to stay?
5 Ways of Keeping Good Tenants
- Make the property a home for the tenant. Tenants who see the property simply as meeting bare minimums are more likely to move on quickly, so think about what kind of amenities you provide. For example, high-speed broadband could be an essential, especially if you’re letting to younger tenants. Or, if you’re looking for student rentals, make sure there’s somewhere convenient for study.
- Work on your communication. In the best tenancy, some issues will arise, so make sure it’s easy for your tenant to get in touch with you, and answer any communications promptly and courteously. The reassurance this will give the tenant is likely to contribute to making the property seem more home-like.
- Make maintenance a priority. Maintenance isn’t just about repairs when something breaks down, although it’s certainly vital to respond quickly and efficiently in such circumstances. It’s also about being proactive in keeping up any routine maintenance, such as safety tests, and looking out for opportunities to identify problems before they get serious.
- Arrange renewals in good time. Letting your tenant know that you want them to stay will have an impact on their decision when their tenancy comes up for renewal. Contact them at least sixty days before the tenancy period ends, framing your enquiry in a way that comes over as hoping they’ll renew. At worst, if they do decide to move on, you’ll have plenty of notice.
- Enforce your rules fairly. A good tenant will understand what’s expected of them, and they’ll appreciate being reminded of it in a firm but friendly way, if necessarily. This applies both to pointing out obligations before the contract is signed and to reminding the tenant that some requirement is due. Of course, it shouldn’t need saying that all tenants should be treated alike, regardless of race, religion, gender, orientation or any other circumstance.
Although some great tenants may move on for reasons unconnected with your approach, following these simple guidelines will give you a good chance of longer-term occupation. Give me a ring to find out more.