Never underestimate the value of a happy tenant; look after your tenants and they’ll stay longer, will be more likely to bear rent increases, and accept when there are maintenance problems that can’t be resolved immediately. Here’s how you can build on good relations with your tenants.
Communication is key when it comes to keeping tenants happy. That’s not to say you need to be constantly checking up on them, rather it’s about consistency. Let your tenants know that you’ll drop in or call from time to time – say every three months – to see how things are going and to find out if there are any issues that need to be resolved. Regular visits also show your tenant that you take an active interest in the condition of your property.
By setting your expectations up front, you provide some structure to the tenancy, allowing both parties the opportunity to discuss things like property maintenance, garden upkeep or any other general areas of concern. Be sure to document your expectations in your lease agreement so that both parties are clear on their responsibilities.
Address problems quickly
While the issues may seem trivial to you, they can make a big difference to your tenant and their overall experience of renting your property. If your tenant reports something or you notice an issue when visiting the property, get it sorted out as quickly as possible. How quickly you respond can be an indication to your tenant of how you much you value them as a tenant. And go the extra mile by checking back with your tenants afterwards to find out if the repairs have been completed to their satisfaction.
Maintain a positive relationship with your tenant
Keeping your tenants happy can go a long way to reducing issues like late payment of rent or damage to property. If maintenance needs to be done, talk to your tenant to determine the best time to have the work done. Listen and consider any requests they may have, and respond quickly to queries or concerns.
Investing in new fixtures and fittings shows your tenants that you trust them to look after your property and treat it with respect. Your tenants may even be willing to pay a higher rent if you make improvements to the property. Ensuring that your property is well-maintained adds to its value if you are considering selling it sometime in the future.
Give them some space
While it’s important to keep in touch regularly, avoid dropping in on your tenants unexpectedly. Give them advance notice if you intend visiting the property, at least 24 hours before, and ensure you turn up on time to avoid inconveniencing them.
A random act of kindness like a bottle of wine or a bouquet of flowers when they move in may seem like a small act to you, but it goes a long way to building on your landlord-tenant relationship.
Consider the tenant's needs
If you’re thinking about selling your rental property, ensure you give your tenants as much notice as possible, both around the actual sale and any open home days. Changes to their rental agreement are stressful so let them know well in advance and be flexible if they do decide to move out before your property is sold.
Accidents do happen and even the most careful of tenants could cause damage to a property. If your tenant has a good track record, there’s no need to be unreasonable when they report any accidental damage.
Use a property manager
If you’re not familiar with the residential tenancy act in your country, consider using a property manager to handle all aspects of your rental agreement. From advertising your rental property, to reference checking and screening potential tenants, securing all incoming costs from the tenant, collecting and reviewing the rent, and taking care of regular property inspections, a professional property manager can save you time and money.
Buying a rental
There’s no doubt that a rental property is a sound investment. If you are considering buying a rental property, talk to me about your options. A financial health check will quickly determine what you can afford.