Top tips to help keep your tenants happy
Category Property Advice
Having a rental property may be costly. First, you need to prepare the property so that it is fit for tenants before marketing it through various media. Once you've received a response, you'll need to show the property to various applicants and then screen possible tenants before making the final choice. This process is costly and very time-consuming.
Once you've found that ideal tenant, keeping them will become a critical part of your landlord duties.
It can be pretty easy to keep your tenants happy, here are some top tips to help you do just that:
Develop a good relationship by establishing a clear agreement
Being transparent from the start is the first step in being a good landlord and keeping your tenants happy. Your rental agreement should cover all of the essentials of the lease. Aside from the standard monthly rent and utility requirements, your lease should clearly state who is accountable for what.
For example, who is responsible if repairs are required or if the property yard has to be maintained. This upfront agreement lays the groundwork for a trouble-free landlord-tenant relationship.
Keep the relationship professional
It is imperative for you as a landlord to have a pleasant yet professional relationship with your tenants. You don't want to overstep your boundaries and become the type of landlord that is always checking on the property or harassing them about their way of life. One of the reasons why most tenants prefer to work with experienced property managers is this.
Tenants want a landlord that will assist them in resolving any difficulties that occur and who will not be difficult to communicate with. Similarly, you want to work with a tenant that is dependable, courteous, and responsive.
Resolve complaints as soon as possible
Any issue, no matter how major or minor, should be resolved within a week. Not only does this say that you are a good landlord, but it gives your tenants the impression that they are important to you and that you take their issues seriously. Finding solutions to difficulties in a fair time will show your tenants that you are a responsible and reliable landlord, possibly encouraging them to renew their lease.
Have a contingency plan in place
One of your key responsibilities as a landlord is to ensure your property is well-kept. While no one expects you to be available 24 hours a day, your tenants must be able to contact you in the case of an emergency. Create a list of emergency numbers for your tenants in the same way you have one for your own house. If they require a plumber, they can contact the one you are familiar with and have authorised if you are away for the weekend.
Continue to invest in the property's upkeep
Just as you would like to see your property properly maintained, your tenants will value a well-kept property. You don't have to go to extremes, but basic things like painting the exterior of your home every three years or so will help long-term excellent tenants love living in your property.
Be reasonable when raising rents
Renting to excellent tenants at a little lower than market rates may be a valuable retention tactic. Remember all of the expenses you had to undergo to find the ideal tenants? A small increase in rent will keep you from wasting more money and time.
Show your gratitude
Make it a point to tell your tenants how much you appreciate them. A modest gesture will demonstrate your concern and appreciation for their commitment. A Christmas card with a personal letter and a modest gift is an excellent example of a thoughtful, unexpected gesture that will make them happy.
If you need assistance with renting out your property contact Knight Frank today. Our team of agents will help you keep your tenants happy.
Author: Knight Frank
