Being a landlord is a hard job, but having great tenants is
one of the best ways to alleviate most stress involved with being a landlord.
Aside from the tasks of maintaining the rental listing and marketing it to potential tenants, it is also your job to
ensure that your tenants thoroughly enjoy living in your property. Ideally to
the extent at which they stay for long-term contracts.
Why Is Keeping Tenants Important?
If you are yet to experience managing tenants for a whole
term, you perhaps will not yet understand the value of keeping them. Providing
tenants with a stress-free experience, whilst allowing them to stay in a safe,
and inviting home is all they can ask for. In return for this, you should
expect the same, minimal issues with positive and valuable communication.
Risks For Bad Landlords
If you do not see the value in being a great landlord, you
should consider the risks that are involved with being a bad landlord:
- Bad Reputation: Although as the landlord you have the
authority to ask tenants to leave, if you have acted poorly you should expect
these tenants to warn others in the area against renting your property. This
will leave void periods and potentially no tenant's full stop.
- Less Consistent Income: When treating tenants poorly you
should expect the same back. Tenants who dispute with their landlord often make
late payments, potentially refusing to pay their rent, and losing money. Of
course, you can seek help from landlord solicitors,
however, this will consume time with problems that could have been avoided.
- Damage To The Property: Tenants who are not happy feel
less inclined to maintain the standards of the home you have provided them
with. These costs might cost more than their initial deposit, and bad tenants
will likely refuse to pay any costs for refurbishing.
If you are looking to become the best landlord you can be
for valuable tenants, follow these tips to keep them happy:
Deal With Maintenance Quickly
All successful landlords know that they should always be
ready to fix any problems that their tenants highlight. When calculating your
monthly expenses, money for maintenance should always be put to the side to
anticipate any maintenance issues, which should be expected.
If for example you provide your tenants with services such
as a washing machine and it breaks, this issue should be fixed straight away.
It hinders their daily running, and they signed their tenancy based on the
impression that their house will have efficient service. See any problems as
soon as possible, and if you are not able to fix anything yourself you should
outsource the work and pay the extra fees. Having happy tenants that will stay
for the long term will provide you with a higher return on investment for
fixing such problems.
Keep Up Communication
Additionally, in any instances in which your tenants need to
get in touch, you should ensure that it is easy for them to do so. Landlords
who are readily available to answer the phone for any queries are valuable to
tenants. Make sure that you create an easy two-way communication avenue for you
and your tenants. Keep them updated with any inspections or handymen who are
scheduled to provide maintenance.
Make Expectations Clear
Also, if you have rules and expectations for your tenants
they should be made crystal clear from the very beginning. It should come as no
surprise if tenants start disrespecting your expectations of their tendency if
you have not communicated this to them. It would be ideal for all tenants to
read their whole contract, but this does not often happen. Speak with them face
to face if possible, whilst also having evidence of your expectations in
writing.
Allow Them Privacy
Following the standard practices of being a landlord, tenant
inspections are usually required. Some landlords often neglect the importance
of their tenants' privacy and show up for an inspection without their tenants
knowing or giving them notice. This can leave tenants feeling uneasy and
feeling their boundaries have been invaded. If you have great tenants, your
inspections should be infrequent unless you have been given cause for concern.
Give your tenants two weeks' notice before carrying out the inspection, and
make sure they are home whilst you do so.
Add Selling Points
Moreover, being a great landlord involves also seeing your
properties as a business. Your properties should look great to reflect the
wonderful experience that eligible tenants will have if they choose to rent in.
Including some selling points such as appliances, garden features, and making
the house seem as homely as possible should be done. The effort that goes into
the property is a positive reflection of you as a landlord.
Be Fair On Rent Prices
An important thing to keep in mind to be a great landlord is
to keep your rent prices fair. As a landlord, you are already operating in a
competitive market against other great landlords. If you want to avoid void
periods and you have found yourself, reliable tenants, you might consider
giving your tenants a discount. You should be smart to keep the price at a
point at which you can still profit from it, whilst giving a competitive
advantage to keep your tenants happy. You should also give your tenants notice
as early as possible if you are planning to raise the prices. This will benefit
them and also you if you wish to find new tenants as soon as possible.
Final Thoughts
Overall, happy tenants will offer you a much more abundant and
streamlined journey as a landlord. Ensuring that they are well communicated
with, whilst fixing maintenance issues quickly is key for an enjoyable
experience for them whilst tenanting your property. If you aim to be a great
landlord you should expect many referrals for other properties that come into
your possession, and long-term tenancies mean better profitability and less
work.
