June, 2017
No landlord wants to be losing money as one of their properties just sits there empty. So to ensure that your properties are always occupied with happy tenants and to make sure you’re making the most out of your investment, we’ve put together some helpful tips on how to be a great landlord to your tenant.
1. Stay on top of maintenance
The biggest comfort you can give to your tenants is making sure they know that any repairs will be dealt with swiftly. Organising a time that’s best for them to inspect anything that is damaged or faulty and letting them know that you’re doing your best to resolve the situation quickly is what builds respect and loyalty between you and your tenant.
2. Offer a fair and reasonable price
It’s vital that you undertake some research into your property and get a good understanding of the price of the area. Tenants are always going to aim to save money and find the best value. We’re not saying you need to undercut everyone in the area, just make sure tenants are receiving value for their money.
3. Give incentive for advanced payments
Consider offering a reduction in rent if the tenants pay for a full year, or 6 months up front. You don’t need to offer a long list of offers and deals to generate interest in your property, but creating an incentive for tenants to stay long term could go a long way. If a tenant feels they’re appreciated they’re a lot more likely to stick around. A small saving on their bills could mean more to them than you think.
4. Take a personal interest in your tenants
It’s important that your tenants feel they know you on a personal level. People don’t want a landlord in which they only communicate through the occasional formal letter in the post. Showing genuine interest in them will pay off in the long run as building that relationship is what builds trust and loyalty, showing that you’re not just interested in their cash.
5. Make an inventory
Although this will take up quite some time and feel monotonous, detailing the contents of the property and the condition they are in will help greatly should there be any disagreements over damages. This also shows you pay attention and are fair so that there are no awkward disputes at the end of the tenancy when it comes to damages.
6. Let them feel like it’s their home
Although we’ve advised you to become friendly with your tenants, it’s good to remember not to become a nuisance. So once your tenants are all moved in, keep your distance because the last thing tenants want is to be hassled. Ideally you wanted to keep a consistent line of communication e.g. a monthly email to check everything is going ok. However, you don’t want to be just turning up unannounced for an inspection. Allowing the tenants to enjoy the home as if it were their own is the key and scheduling inspections well in advance, giving them plenty of time to prepare, will keep your tenants very happy.
