Landlords worse nightmare is by having a nightmare tenant.
But also bare in mind a tenants worse nightmare is having a nightmare Landlord…
We have been in the property management business for over 10 years, from an agent point of view; we have come to a basic conclusion that to keep a tenant happy is by treating the tenant the same way you want to be treated.
Now nobody is ever perfect – we get that.
However when finding a tenant in first place – aside from doing the in depth reference checks, I think the most important step is to use your gut feeling and common sense in assessing on how you think they will be.
Bit like finding your life partner – in the first 5 minutes you evaluate on whether you see a future with him or her before you make the decision to proceed to get to know them. (well that’s what I did with my wife, and my wife did with me 😊)
Well the Concept here is similar.
- You meet a prospective tenant who is interested in your property.
- You ask a number of questions to quickly get to know them best you can before you proceed to carry out further checks…such as contact their previous landlords check, employment checks and financial background checks…(if only you can do the same with life partners 😉)
Now in our experience – we tend to stay away from prospective tenants who come across abrupt and showing a tint of attitude. To us it’s a glimpse of what their personality and attitude is going to be like. First impressions do count!
Now you need a tenant whom you can get along with. Plain and simple…
As end of the day they are helping you pay your mortgage (if you have one) and create you an income. Also if there’re issues… you want your tenant to be able to work with you to get them resolved sharpish.
However you must also bare in mind that tenants today have heard horror stories about renting and rogue landlords, so don’t be alarmed when their guards are up straight away, they maybe jumpy straight away. But reassure them and give them a glimpse of the type of landlord/person you are. – (Maybe this is where I suppose using a professional established letting agent can come in handy, tenants may feel bit more secure that way).
IF they’re still funny with you then you must decide whether you want to proceed further or not. It’s a risk you must evaluate quickly!!!
So now lets assume you have a tenant and they have moved in.
Its in your best interest to keep your tenants happy for obvious reason like ensuring you have the monies to paid to you on time every month.
But its not just that though is it???….
You also want your tenant to maintain the property to the highest standard. But to do that first you need to give them a property to the highest standard to begin with.
I mean… some of the Lettings Valuation I’ve been to in the past…OMG!!!!…I wouldn’t want my dirty washing in there let alone put a human being in there….
Well maintained homely homes will attract you the right type of tenants.
Another important step to keep a tenant happy is to keep your rent in line with market conditions and don’t get too greedy. If anything just get in there slightly under market value. (Cost of living is increasing and wages are not)
We understand it’s a business and an income for you, but its not Just about getting as much money as possible, its also about keeping your property tenanted for as long as possible. With the market up and down all the time its best to keep void periods to a minimum
A tenants main concern before anything is safety. Is YOUR property safe?
Your duty as a landlord and the most important duty you have is to ensure your property is safe and habitable.
That means Electrical testing, gas testing, construction surveys, is your furniture safe and in line with regulations? are they usable?…make sure your property ticks all the boxes to ensure its safe.
Secondly keep regular contact with your tenant, visit them at the property every 3 to 6 months. The benefits will be that it shows your tenant you care whether they are happy or not –
- Check the furniture conditions, is your sofa bit worn – as a result of fair wear and tear? Is so change it…
- Is your wooden furniture getting loose and wobbly? – if so, get them tightened up and secure or change it if its more cost effective
Things like this will show your tenant how concerned you are about them that the furniture you have provided for them is adequate and up to standard for them.
In return they will appreciate you even more and ensure they look after you (i.e. make sure they pay their rent on time and maintain your property to a high standard).
The other benefit is that you get to see how your property is being maintained – if you see anything alarming; you can address it there and then instead of it getting worse and dealing with it when your tenant moves out which very often results in arguing about deposits which can lead to court etc. I mean, surely you don’t need that headache.
So in a nut shell – treat your tenants how you want to be treated yourself – give them a home that you yourself would live in – don’t be greedy and think of the bigger picture.
When finding a tenant, use your gut feeling, make sure you carry out the in depth checks and use an agent if need be. NOT all of them are bad.
Thank you for ready this blog. If you don’t have time to manage your property or looking to rent your property. Get in touch. we can help.
Now go build your property empire 😉
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