MoneyLetting and renting is a transaction that revolves around one key material money. The best way to get your tenants to love you is to minimise rents, don't charge extortionate fees, don't have too many renewal fees, and help them reclaim as much of their deposit money as possible. If you put the accumulation of wealth over a tenant's personal happiness, you will be unlikely to keep a tenant for much longer than one tenancy period. However, by using monetary aspects of a tenancy to show you see your tenants as more than a cash cow, you will start nurturing a deeper relationship with the tenants.
Small PrintTenants will be horrified to hear that they need to let you come into the property whenever you feel like it, especially if you've hidden this fact in the small print of their tenancy agreement. If there are significant features of a tenancy that you feel are game-changers, discuss them with the tenants, preferably in person. You will avoid giving them a nasty surprise further down the line.
CommunicationNothing says I don't care better than silence, in any walk of life. Tenants peace of mind will be guaranteed if you are always available for phone calls and emails. It will also help instil a sense of urgency in your dealings with the tenant if you're available to contact, it also means you are more likely to repairs should they be needed. Furthermore, take the time out of your day to contact tenants. Once a month is enough, but let them know you are thinking about them, and want to respond to any problems they're having.
PropertyIf you maintain your property to the requisite standards, you will help attract like-minded tenants. By demonstrating a sense of pride for your own property, tenants will be compelled to look after it, too. Ensure the property is in mint condition before a tenancy starts and watch how much more likely it is to stay that way while it is being let.
EducationLet tenants know how the property behaves when they move in. Do some of the stairs creek? Does the bathroom need regular maintenance? By letting your tenants in on your property's personality, they'll feel more at home. Furthermore, let them know what you expect of them. This may be the tenants' home, but it is still your property. If there is a no-smoking policy, tell them. If they are expected to keep the noise down, tell them. Tenants will respect you and the property more if they know what standards they are expected to meet from day one.
RewardsEverybody likes an incentive. Inform tenants that they can paint a room in a colour of their choosing by signing a new lease, or offer to pay for a professional carpet cleaner if they pay their rent early for three months, for example. By turning the maintenance of the property into a reward-system, tenants will be focussed on winning their prizes and act accordingly! Also, don't forget to send Christmas cards. If you're feeling extra generous, send birthday cards and a small present, too. A bottle of wine when you hand over the keys won't go amiss, either. All these things will let your tenants know that you are more than a rent collector!
Use Letting AgentsIndependent landlords can sometimes struggle to stay on top of their tenancies, especially if they plan on having day-to-day involvements with their properties. Employing a letting agent can take some of the load off your mind, and you can even choose how much of the tenancy you want to control, and how much you leave to the agent.
If you want to keep providing an excellent service to your tenants, but do not have the time, please contact your local Whitegates office today to see how we can help you manage your portfolio.