With rental demand soaring, there are as many as ten would- be tenants applying for every property in the sector.
As the number of tenants interested in property rises, it can be difficult to pick out the best and most reliable. However, there are things that you as landlords can do to both find and keep the best tenants, and save you claiming on your landlords insurance!
How to find tenants
- Make your property desirable-It is obvious, but better properties attract better renters. Think about what features attract tenants, such as modern interiors, Wi-Fi and a well-maintained garden. Also, think about local amenities, proximity to transport links and major locations. You could also think about providing cable television or plasma screens.
- Presentation, presentation, presentation-How a property is presented is integral to getting the correct tenant. Make sure that photos of your property are professionally taken. Poor, blurred or non-specific photos will drive away conscientious tenants. Also, consider adding a floorplan as this will really give a good impression and suggest that you are knowledgable about your investment.
- Be the manager-A really successful way of securing a solid tenant is to manage your own viewings. After all, you know your property better than anybody else and you can really emphasise its best points! Being there yourself will make you seem caring and interested in securing the right tenant and will build relationships from the word go. Be flexible, allow evening and weekend viewings and go the extra mile for your would-be inhabitants.
- Consider lets with pets-More and more tenants are looking for rental accommodation to house them and their beloved moggy or the like. In cases like these, assess them on an individual basis. A well-trained house pet wont cause undo if any damage and be allowing a pet, you could well find yourself a better tenant. What’s more, by proving you are an understanding landlord, your tenants (and pets) are likely to stay for longer!
- Advertise online-Avoid listing your property in places where you can’t assess the quality of a potential renter . Instead, look at advertising on professional sites, such as Zoopla or Rightmove. Free sites of course mean you do not have to pay for advertising , but increases the need for unoccupied property insurance if you do not find suitable tenants. By using reputable sites such as those named above, the quality of tenant tends to be higher.
How to keep your good tenants
So you have attracted suitable tenants…the trick now is keeping them! By treating them well, they are much more likely to look after your investment.
But how do you keep your tenants happy?
- Build a relationship-As already mentioned, building and maintaining a healthy bond with your tenants goes a long way in keeping them happy. No one expects you to become best friends, but a friendly understanding makes all the difference. Consider leaving a bottle of wine in the fridge on the day they move in or buying a new rug for the start of the tenancy. Little things like this show the tenants you care and they will treat you and your property with respect!
- Tackle problems quickly-Should a tenant contact you about a repair that needs carrying out on the property, make sure you tackle the issue quickly and conscientiously. If you have qualified tradespeople, such as a plumber or electrician that carry out work for you, contact them quickly and pass on their estimated arrival time to your tenants. Clear communication is essential!
- R E S P E C T-Respect works both ways. If you want respect from your inhabitants, then treat them amicably yourself. Inform them of any inspections in good time and in writing. If you require access for tradespeople, let your tenants know. And leave them be. The last thing tenants want is a landlord contacting them too often. Trust them with your investment and they will trust you.