Making tenants feel right at home
Your approach to life as an investor and landlord has a bearing on everyone's happiness. In my experience, happy tenants and happy landlords come in pairs.
A good tenancy, just like any relationship, works best when both parties feel the arrangement is fair and everyone is genuinely doing their best to honour it.
For the tenant, it's an affordable and well-positioned property that's maintained in good running order by a diligent property manager.
HAPPY tenants are good tenants. What are some ways to keep them happy?
For the landlord, it's a tenant who pays rent on time and doesn't damage the property or generate complaints from neighbours or police.
1. Purpose built buy to let property
As a landlord, you can multiply the happiness factor by offering property that's purpose-built or renovated for renting. Tenants will appreciate sturdy fittings and fixtures, and a location near transport, schools, shopping and other amenities.
First impressions matter. The signature on a lease can be read as satisfaction with your price, the property and lease terms. With that comes an expectation that the property will be well maintained. If taps and lavatory cisterns start to leak or the appliances fails, happiness will reign only if they are fixed promptly. Care for your investment and your tenants will too.
2. Good communication
Too often, tenancies go sour because someone is not communicating effectively. Your property manager must be sensitive to the needs of both parties and be seeking harmony. Most things that upset tenants can be easily fixed provided you know when your intervention is needed. How you respond is key to maintaining balance in the relationship.
3. Keep Up With Property Maintenance
If a tenant is proud of the property they live in, they are more likely to stay there longer. You will want to perform preventative maintenance to keep the property in top shape. This maintenance will help minimise a tenant’s frustration from having to deal with items malfunctioning or breaking.
You will also want to perform maintenance that will improve the aesthetic appeal of your property. Little touches such as flowers in the front garden or a freshly painted front door will help the property feel like home.
4. Offer a Grace Period When Collecting Rent
If the rent is due on the first, it is often in your best interest to offer a grace period. While being a landlord is a business, most businesses offer some leeway. If the rent is due on the first, allowing your tenant to pay up until the fifth without fear of a late penalty can be beneficial to you both.
While you should make it extremely clear that any payment made after the fifth is considered late and will be subject to a late fee (and the amount of that late fee), offering a grace period will let the tenant know that you expect prompt payment, but are not a tyrant. Your tenant could build up animosity toward you if you are too strict and might look for a landlord who is a little more lenient.
5. Offer rewards
Little gestures can go a long way, especially when good tenants have so many rentals to choose from. Upon move in, providing the tenant with a package of toilet paper or a box of light bulbs can increase goodwill. During the year, gestures such as sending a holiday card or raffling off a free hamper for Christmas can also help create a favorable impression of you and your property for the tenant.
You can offer tenants a discount on their rent if they sign a two year lease. If a tenant renews their lease, you can offer them a free upgrade to their apartment, meaning you will give them a new kitchen backsplash or paint a room free of charge for them.
One of the most important things to learn about being a landlord is that keeping your tenants happy will make your life easier. A happy tenant complains less and is more likely to renew their lease. But beware, there may be times when even your best endeavours won't be enough to keep the tenant happy.
What do you think? Have your say in the comment section below.
Source: Hearld Sun Landlord About