With an interest in Buy to Let becoming extremely popular, tenants are provided with more options when choosing a rental property, resulting in long term tenants becoming few and far between.
We all know the importance of maintaining a long term tenant and how a good tenant effects the success on your investment – especially when you calculate any mortgage, tax and maintenance costs during tenant void periods. The best way to prevent your property becoming empty is to keep your tenant happy.
Here are some top tips for landlords that want to keep a long term tenant:
Always be reasonable: With new levitations and costs being implemented the property and rental market is always changing, so it is worth continuously checking how competitive your rent is in comparison to others in your local area. Not paying a fair rental price is one of the largest factors to influence tenants to look elsewhere.
Always be flexible: It is always important to encourage your occupants to make the property feel like their home, so if a small amount of decorating or minor DIY jobs are involved it is worth the time and money to keep a good, trusted tenant happy.
Always be approachable: It is important that tenants feel like they can reach out to you when they need to and it is your responsibility as a Landlord to ensure that the property is in a suitable condition and maintained to a good standard. As a Landlord you should always maintain contact and be approachable to your tenants, this prevents any issues becoming large problems later on.
Always be prepared: As well as the points above, it can also be beneficial to make the first move to minimise any issues occurring. For example, ensuring all old appliances are updated to prevent any breakages and keeping on top of repairs, maintenance and have all required checks carried out.