February 8, 2022
As a landlord you have hit the jackpot, you have found a good tenant who pays the rent on time and takes care of your investment. Now you need to know how to keep them! In this article we give you some tips on how to avoid losing a tenant.
Foster a good relationship
Be approachable, let your tenant know they can count on you in an emergency. Thank them for looking after the property. Keep dialogue open and let them know that you are there if needed. In short, make sure you are on good terms.
Timely repairs and maintenance
Make sure that, on the rare occasions, that maintenance or repair work is reported you respond in a timely fashion. Encouraging tenants to report minor repairs will save you money in the long run, as minor issues can turn into a major financial headache if left unresolved.
Offer a longer tenancy
Talk to your tenant and understand their needs, would it give them better peace of mind to have a longer tenancy agreement?
Let your tenant enjoy their home
Property inspections and annual safety checks all need to be carried out. Whilst they are a requirement and are there to make sure the property remains safe and in a good condition, try to arrange these necessary appointments at a mutually convenient time. Avoid turning up at the property unannounced (that goes double for your contractors – there is nothing more intrusive than having a stranger on your doorstep when you are not expecting them). Other than these necessary visits allow your tenants to enjoy their home.
Be proactive at renewal time
Respond to queries and communications in a timely fashion, this is super important at renewal time. Reassure your tenant that you wish to renew the agreement and move quickly to make sure they have all the necessary documentation ahead of the renewal time.
Keep the rent competitive
Make sure you keep an eye on the local market. Whilst you will not want to be at the cheapest end of the market, the top end might not be appropriate either. Stay competitive for your property type and condition and your tenant will not have cause to look around.
Ask for feedback
Every service provider can benefit from honest feedback. When you receive feedback make sure you act on it.
Use a reputable letting agent
If time is a scarce commodity, consider using a reputable letting agent that will look after your interests and make sure events like inspections, tenancy renewals and repairs are all carried out in a timely fashion. At Lovell we have 17 offices throughout Lincolnshire, Hull & East Riding. Our professional and dedicated teams are always here to help, and customer service is at the heart of what we do. You can find out more about our Letting Services here.