Posted on Monday, November 5, 2018
For landlords, having long-term tenants can provide stability, consistency and a steady stream of rental income. It also reduces the likelihood of void periods, meaning you don’t have to worry about having an unoccupied home.
The reality of the rental market is that some tenants come and go. However, as a landlord, there are things you can do to increase the chances of your tenant renewing their tenancy when their contract ends.
Below, we take a look at some measures you can put in place in order to attract tenants to your home and keep them there for the long-term…
Build a rapport
While this may seem obvious, having a good working relationship and building a rapport with your tenants can improve the chances of them staying put for the long-term. This, though, means more than just collecting rent and carrying out routine inspections.
Setting firm boundaries, ensuring they adhere to the tenancy agreement, acting promptly if any issues or complications arise and carrying out any necessary repairs or maintenance in a reasonable amount of time are just some of the ways to show that you value them as tenants.
In turn, tenants should pay you back in kind; maintaining the property well, paying their rent on time, and following the rules and regulations that have been set out. With this, both parties can achieve a mutually beneficial tenancy.
Also, you could consider offering a more generous rental package if it seems your tenants are in it for the long-haul. As long-term tenants are a precious commodity, you should make it your mission to keep them as happy as possible.
Consider accepting pets
There’s a consensus among landlords to stick by the ‘no pet’ policy when it comes to their property, but going against the tide and being a pet-friendly landlord comes with its perks. For starters, your pool of potential tenants will broaden significantly.
Pet owners typically prefer longer tenancies as it can be more challenging for them to find another pet-friendly option – meaning reduced void periods for you. Furthermore, responsible pet owners tend to make responsible tenants; if they are able to take good care of their pet, there is a good chance they will treat your property with the same respect.
Of course, allowing pets in your rental property doesn’t come without its potential downsides. Animals can scratch floors, make a mess of gardens and lawns and cause disturbances to neighbours.
If you do decide to be lenient on the ‘no pet’ policy, then it’s important to have the right management and procedures in place, such as taking out a landlord’s insurance policy and increasing the rent a little to cover the cost of any potential extra repairs and damages.
Choose the right letting agent
Finding an ideal agent is just as important as finding an ideal tenant – if not more important. A good letting agent can assist you with finding long-term tenants and help to foster a good relationship between you and your tenants.
Most importantly, though, a credible agent will also help you deal with repairs and issues, responding quickly when any problems occur and ensuring the tenants know what their rights and obligations are.
Letting agents are a crucial part of the rental process, helping tenancies to run as smoothly as possible and contributing towards keeping your tenants happy and settled. Happy tenants make long-term tenants, so it’s within your interests to make this so with the help of your agent.
With more and more people turning to the private rented sector, the opportunity to secure long-term tenants is very much there. By taking the above advice into consideration and having the right framework and support system in place, you can increase your chances of attracting long-term tenants.
To find out how much you could be earning in rent each month, you can also request a free online lettings valuation.