A happy tenant makes a happy landlord. Building reliable relationships between tenants and landlords is very important for tenant retention.
Tenant retention is essentially the turnover of your tenants. If you are retaining tenants, it is less costly than short term tenants, coming and going. If the turnover of tenants in your property is quite high, this can add to costs, such as; paying for credit and referencing services, right to rent services, new tenancy agreements, protecting the deposit again.
A tenants main want for the property is to make it their home, and to be left to enjoy the property.
The landlords main want is for the rent to be paid on time, and for the tenant to take good care of the property.
Here are some helpful tips for landlords managing their rental property:
- Get to know your tenant. Even if your tenant is being managed by an agent (like ourselves), it is still important to know who will be living in your property, before they move in. A general overview of this is through credit and referencing and asking some questions that you would like to know, before they move in. If you manage your own rental properties, it is important to check in with your tenants to see how they are getting on.
- Be approachable and understanding. When a tenant moves into a new property, they will always be in unfamiliar surroundings for a few weeks. It is important to be approachable to your tenants, if they need anything when settling in, and to understand their situation. This first impression will last throughout the whole tenancy, so always make it count!
- Upkeep on maintenance issues that your tenant reports will be worth it in the long-run. Remember, it takes money to make money. Fix the small problems when they arise efficiently, and prevent them from becoming bigger issues in the future.
- Give tenants space and plenty of notice that you’re coming round, so they don’t think you’re checking up on them. If you would like to arrange an inspection with them, call them at least a week in advance and ask when would be the best time for them. If any maintenance problems need to be fixed, remember to arrange this with the tenant first. Never access the property without the tenants permission.
- Undertake inspections on your property. An inspection may seem like a nosey term to a tenant, but essentially it just ensures you that the tenant is taking good care of your property, and shows the tenant that you care about their needs and issues. Our Premium package offers 4 monthly inspections, with full reports on the condition of the property, checking smoke and CO detectors are still working, and this gives you peace of mind that your property is being looked after.
- Be available and responsive. As a landlord, your rental property will always be your responsibility. Tenants always appreciate a quick and efficient response. If you have other responsibilities and commitments, we do suggest choosing our Managed and Premium packages, as we are able to respond quickly to any small problems, and any maintenance issues.
If you are interested in any of our packages, please see our website: https://purplepropertyshop.com/letting-agents-bolton/ and if you would like to discuss these, feel free to call me on 01204 598979.