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 that you’re making the most out of your investment, we’ve put together some helpful tips on how to be a great landlord.
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.
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.
Give an 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 provide 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 appreciated they’re a lot more likely to stick around. A small saving on their bills could mean more to them than you think.
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, should there be any disagreements over damages. This demonstrates that you are fair and that you pay attention to the needs of your tenants. This could also help to potentially diffuse any awkward disputes at the end of the tenancy when it comes to damages.
Let them feel like it’s their home
Ideally, you want to keep a consistent line of communication e.g. a monthly email to check everything is going ok. It is your property after all and you should always be concerned about its welfare. However, this doesn’t mean that you should take advantage of your tenants and turn up unannounced for an inspection. Allowing the tenants to enjoy the home as if it were their own is the key to a happy landlord-tenant relationship. Scheduling inspections well in advance, giving them plenty of time to prepare, will keep your tenants happy.
Speak to a local estate agent
The best way to keep your tenants happy is by using the knowledge and resources of your local estate agent. Not only will they be able to provide you with plenty of helpful information and advice on how to market and present your home, they also offer services that can take a lot of the work off your hands, ensuring the communication that your tenants receive is consistent.