Having good tenants can make such a difference financially for landlords as these tenants tend to see the property as their home and keep it in good order. They will also alert landlords or their agents to any repair or maintenance needs so they can be addressed before they become overly expensive fixes.
It’s also important to have long term tenants so that landlord to save on what can be significant costs relating to high tenant turnover. If tenants are changing frequently, say every 6 months, the costs for a landlord will rack up hugely, from advertising costs, lettings agency fees, background/reference checks and tenancy agreement negotiation, to re-decoration and end of tenancy cleaning and the risk of void periods where the rental income is zero and suddenly the landlord is incurring costs with council tax and utility bills.
So how can a landlord attract top notch tenants who want to stay in your property for the long haul? Horizon Lets suggest landlords consider this advice:
- Consider purchasing in an area of high demand to ensure a constant pool of potential tenants for your property. Invest in a property that suits that wide local market, whether it be an apartment in a city centre or a family home in a commuter town close to good schools and transport links. It important also to have a wide demographic of target tenants, rather having a limited specific group of tenants who would be interested in your property, for example, if your property would only attract tenants from a certain local employer, or tenants in receipt of benefit payments, or students only.
- Invest in the property where necessary to keep up with your competition, such as ensuring there is desirable features of the property, such as modern decor, kerb appeal and high-speed internet. Perhaps also invest in other smart technology or eco-friendly improvements for the property that will benefit a tenants such as solar panels, or a modern boiler or energy performance improvements to improve that ever increasingly important, Energy Performance Certificate. Such changes, will certainly increase the capital value of the property and with looming legislation these changes will be essential for rental property which will need to hit certain energy performance thresholds, and also mortgage lenders are usually offering cheaper products for more energy efficient properties.
- Making tenants feel cared for and at home in the property is important, so resolving any issues swiftly and allow plenty of notice for inspections to minimise intrusion. Landlords could also allow tenants to make small changes to the property themselves, such bas garden improvements or re-decoration. A common request from tenants that Horizon see is tenant requests to instal a flat screen TV bracket on the wall. Within reason and providing the tenant seeks permission, a tenant can feel a real sense of attachment to the property by making it their own, and ultimately when its a property they wish to stay in longer term, tenants will more likely pay the rent on time and treat the property with care, which are very important factors for landlords when assessing a rental properties performance and overall yield.
Horizon Lets are extremely focussed on working for the landlord to enable them to have a smooth and profitable experience as a landlord, but our advice is that this starts with maintaining the property to good standards so its future-proofed and always attractive to potential tenants as well as creating a positive working relationship with existing tenants so that they enjoy their home for long periods, which is ultimately what everyone wants!
Related Articles
- Should I Let My Tenant Decorate?
- The Importance Of Building A Good Relationship With Your Tenants
- What Landlords Should Know About ‘White Goods’
- Starting your Property Portfolio
- Landlord’s Guide to Letting Property
