With so many people living in the private rental sector, buy-to-let can be incredibly lucrative. However, it is a landlord’s responsibility to keep tenants happy so that they take care of your property and want to stay there for a long time.
Your rental property is only making money if tenants are living in it and are paying rent. If you have an empty property, you will still be required to cover your mortgage payments, so it is important that you avoid void periods.
If you do have an empty property for the long-term, you should protect your investment with Unoccupied Property Insurance.
If you provide good living conditions and are a reliable landlord, it is likely that your tenants will stay in your property for longer. Here are four top tips for landlords looking to keep their tenants:
- Be fair in your rent price
The rental market is constantly changing, so it is important to keep up to date with how competitive your rent is compared with the local average. We have advice on how to set the perfect rent price for your property: https://www.justlandlords.co.uk/news/setting-perfect-rent-price-property/
The cost of rent is one of the main factors determining whether a renter will stay in your property, so ensure that they are paying a fair price.
- Be flexible with your tenancy agreement
If you trust your tenants and they’ve always been respectful towards you and your property, it is worth being flexible on certain aspects of the tenancy agreement. For tenants to want to stay in your property for the long-term, it’s important that it feels like home to them. It can be wise to be open to decorating or DIY requests – or even pets. Discuss issues with your tenants and make sure that everyone is happy.
- Be an approachable landlord
It is your responsibility as a landlord to keep the property in a good state of repair for your tenants, so it’s vital that they feel they can contact you when they need to. By maintaining good communication and being approachable, you could easily prevent small issues becoming big problems.
Keeping a good rapport with renters will also make them feel comfortable in the property, which could see them stay for the long-term.
- Be proactive
Although it is good practice to respond to requests as quickly as possible, it can also pay for you to be proactive and look at anything your tenants may have problems with. For example, if you know that the washing machine is on its way out, your relationship with your tenants will improve if you replace it before it breaks down – this would also make your life much easier.
Making your rental property and price attractive to tenants will make them feel at home and consider staying for the long-term. However, communicating effectively with your tenants will create a strong rapport that will go a long way in avoiding serious problems, such as rent arrears.
However, even if you have a good relationship with your tenants, be aware that anyone can suffer financial difficulty at some point, so always protect your income with Rent Guarantee Insurance.