How To Keep Your Tenants Happy
As a landlord, you want to develop strong tenant relationships that offer stability and continued income. You also want to deal with tenants that meet your standards as a property owner. Developing the right financial relationship with your tenant starts by setting ground rules and sticking to them.
It is important to communicate early and often with your tenants, so they understand their responsibilities. Follow up on all agreements, in writing, detailing what you expect from the tenant. This minimizes any misunderstandings and ensures you both are in agreement on the terms of your rental agreement.
This is an important aspect to successfully developing a tenant relationship that will last. In order for your property to be maintained in good condition, you want your tenant to understand that they have a responsibility for maintaining it properly.
In this article, we explore what landlords can do to keep renters happy and why it is vital that they do so.
Happy Tenants = Happy Landlord
There are many reasons people become landlords. They might have some money to invest, or they might have inherited a property.
What’s true of every landlord though is that they want stability. They want to know that their investment is safe and that a paying tenant is staying put. That’s what being a happy landlord is about. If a tenant wants to move out, it causes hassle for the landlord.
- They have to find a new tenant.
- They have to get updated safety checks carried out.
- Landlord costs such as maintenance and cleaning costs will come in.
- Time is needed to check on properties.
That’s why being a happy landlord is important, and it’s why keeping a tenant happy is crucial.
What’s a Happy Tenant?
That’s a good question. A happy tenant is someone who will want to stay in the rented accommodation long-term. They’ll want to stay for years, and they will not be constantly looking for a new home.
They will take care of the rental property, too. This means that there is less risk of anything going wrong with it. When you keep your tenants happy, there are financial benefits you can experience as well.
But renters are all different, and so what makes one happy may not make another happy. As a landlord – all you can do is your utmost to ensure a good relationship between you and your tenant.
Here’s How to Keep them Happy!
- Be responsive
- Be flexible
- Be respectful
- Be truthful
- Be friendly
- Be Responsive
If a renter has a problem, and they let you know about it, respond. Not just to their message, but to the actual issue itself. If you say you’ll get round to a problem within a set time, ensure that you do. Solve the problem. In doing so, you’ll also be looking after your property investment by sorting issues out before they become big problems.
So if a tenant comes to you and says they have a problem, perhaps with paying the rent on time, be prepared to be flexible. Work out a solution that means payment is perhaps deferred or delayed.
- Create a payment plan.
- Offer a short rental holiday.
- Agree timescales and get everything in writing.
Time to Be Respectful
There are rules for landlords when it comes to visiting properties and checking up on things. But, we say as a general rule, a tenant’s house is their home, and you should treat it as such. You should not simply arrive unannounced.
Your renter wants to get on with living their own lives with privacy and don’t want to worry about their landlord checking up on them all the time.
Be Truthful and Stick to the Rental Agreement
The tenancy agreement should be clear, particularly about rights and responsibilities. This sets things out on the right footing should anything happen during the tenancy agreement.
If a tenant is unsure about the future of the property they live in, they may be nervous. Don’t go idly talking about selling up or increasing the rent, even if you are considering it. Be truthful about things and stick to the rental agreement.
It Doesn’t Cost Anything to Be Friendly
We’re not talking about popping in for cups of tea or going out for a beer. But, check in on your tenant sporadically (and by appointment) to make sure all is OK. If you know someone has an issue of some kind, ask if they are all right. If an unhappy tenant thinks you are looking out for them, they are more likely to be a happier tenant, look after the property, and more importantly stay – keeping you happy.
Thinking of Hiring a Property Management Company?
These are just a few pointers for you. We work with a number of landlords in the Leicester area, and we will be more than happy to share our thoughts with you. If you are thinking of hiring a property management company to help manage your properties, contact us today to speak with one of our lettings and estate agents.
Call us on 01162544555 or email email@example.com.