Once you have purchased a buy-to-let property and your letting agent has found a quality tenant to live there, you might be forgiven for believing all the important work involved in being a landlord is over.
Think again. In fact, it has only just started, as now begins the crucial challenge of keeping your tenant happy to ensure they wish to remain in the property for as long as possible.
It makes good business sense to encourage your tenants to stay, as this means you could experience fewer void periods. Why risk a month or two without a tenant – and no rental income – when certain steps might ensure your existing occupant is satisfied and remains in place?
Here, we take a look at some of the measures you can take to boost the likelihood of your tenant being happy in their home and opting to remain there for many years.
- Respond to emergency requests
There is arguably no surer way to anger your tenant as failing to respond to an emergency quickly. By utilising the skills of a dedicated property specialist, such as Leaders, you will not need to visit the property to inspect a problem or hire a tradesman to fix it, as we take full control of maintenance and repairs.
However, you will be asked to authorise essential works on your property, and any delay at this time can antagonise your tenant, so act quickly and decisively to put their mind at rest.
- Carry out maintenance work
Devise schedule for completing certain routine maintenance tasks and stick to it. From servicing the boiler to passing gas, fire and water safety checks, there is plenty to be done.
Such tasks are also required by law and can have an impact on the health and safety of your tenant, so adhere to your maintenance calendar at all times.
- Maintain decorative order
If you fail to invest in a tenanted property’s décor over the duration of a tenancy, your tenant may come to the conclusion they are receiving poorer value the longer they stay, particularly if this is teamed with any rental increases.
The solution is to maintain a regular programme of investment that ensures walls are repainted, carpets relaid and soft furnishings replaced at appropriate intervals.
- Resist significant rental hikes
It might be tempting to increase your rent each year, but resisting this can help to retain tenants. If the market rate suggests your property is worth an extra £50 a month, you should consider raising your rent by £25, or even not at all.
Chasing additional cash will appeal to many people, but hiking your prices and seeing your tenant hand in their notice as a result can cost more than you stand to gain by asking for a little extra each month.
At Leaders, our teams have many years of experience and immense local property market knowledge so they are the perfect people to speak to about where to set your rental demands.
- Use a letting agent
By using a letting agent, you are guaranteeing your tenant that they will have professionals to hand to respond to every query they may have and to act immediately in the event of an emergency. This provides a level of reassurance you are unlikely to be able to offer by yourself. If you choose Leaders, you will also operate safe in the knowledge that we can manage every aspect of your tenancy, ensuring you are free of any stress and strain.