One of the most important things to consider as a buy-to-let landlord is the happiness of your tenant(s).
You do not want to be claiming on your rent guarantee insurance if you can help it, nor do you want void periods to stack up. The bottom line is if your property is empty, it will be costing you a lot more than you want it to.
This is why attracting reliable tenants is imperative. Long-term tenants are much more likely to look after your investment, pay rent on time and cause you less hassle.
Follow these five tips to make sure your own landlord-tenant relationship is as good as can be.
- Make a good first impression-If you can make a good impact on your tenants from the word go, this will greatly improve chances of a strong relationship moving forwards. Make sure your rental agreement is legally binding and that copies are given to all parties. What’s more, outline the rules clearly from the outset. If you are fine with tenants having pets, tell them. If you allow them to smoke, tell them. Leave tenants emergency contact numbers for yourself or anyone that you have carrying out work on your behalf. And why not leave a bottle of wine or champagne in the fridge as a welcome present?
- Respect their privacy-Yes, the property belongs to you but tenants want to feel as if their rental accommodation is their home. Do not turn up to the property unannounced. If you need to gain access to the property, give your tenants sufficient notice. Of course, emergencies will dictate a different set of circumstances, but try and give your tenants as much privacy as possible.
- Maintain your standards-An attractive, well-kept property will undoubtedly both attract and encourage tenants to stay for long periods. It is important to keep your property in a good state of repair. Should your tenant report a problem, endeavor to fix it as soon as possible. Consider changing tired features on a regular basis.
- Sort out emergencies quickly- Some problems, such as a faulty boiler or broken appliances, require urgent attention. By sorting these problems as soon as you can, your tenants will feel valued. Look at taking out a landlord insurance policy with Just Landlords to cover you against unforeseen problems.
- Set reasonable rents-While it is tempting to set a high rent, do your research to see how your projected rent compares to that in the local area. Tenants could well be put off by rents that are greater than those for a similar property nearby. What’s more, consider keeping rents constant throughout a tenancy. This will cut the risk of void periods and keep better tenants for longer.