Two challenges that most landlords face come in the form of questions. Firstly: “how do I find good tenants?” and once that’s been accomplished, secondly: “how do I keep the good tenants?” There’s more than one way to hold on to good tenants that are renting with you, and the value of a good tenant shouldn’t be overlooked.
Decide what a ‘good tenant’ is
Some landlords would say that a good tenant is one that always pays their rent on time, while others suggest that they’re good tenants if they treat your property with care and respect, stays in contact about problems and repairs, keeps the property clean, and reacts cooperatively with unseen events. You’ll have to decide what qualities you want out of your tenant, all the while considering who your tenant is (parent, worker, student, retired, etc).
Let your property reflect your tenants
When it comes to being a landlord, your role doesn’t stop when you hand over the keys. To get the very best out of your tenants, maintain a clean, modern and attractive property. It shows your intentions as a landlord – your pride towards your property will no doubt pass on to the tenants and you’ll find they will stay with you longer and take care of your property the way you would want them to.
The work involved with keeping good tenants really isn’t that much compared to the months of unpaid rent, advertising and interviews that you may have to have if your property lay vacant. With that in mind, tenants appreciate a landlord who answers calls, fixes problems as quickly as possible and shows concern for the comfort of the tenants. As a landlord you’re no doubt getting a lot of loyalty back from these simple actions; just showing you can be trusted is a big deal on its own.
Be fair with rent reviews and increases
Most tenants would dislike a massive hike in rent during their tenancy – keep a hold of good tenants by introducing this incrementally and talking to them about it first, to explain what is going to happen. If you treat them with respect then you shouldn’t have problems with them paying you on time later and showing you that same respect later on.
Simple gestures go a long way
As a landlord, the property in question is yours, but it is your tenant’s home – allow them privacy and show you respect their space when you visit the property. Simple gestures like this will help the landlord-tenant relationship improve. You can try passing on a card or bottle of wine at Christmas, or sending flowers on the day that they’re renewing their tenancy agreement with you. You could even offer a renewal incentive beforehand!
Talk to the experts
Perfect tenants? No problem. At iLet, our team of experts are on hand to guide you through every stage of the letting process. Call us today to see how we can help.