FIVE TIPS FOR KEEPING TENANTS

Landlords know that it’s always better to have tenants in your property. Every time you have to source a new tenant, you will incur costs compared to having a long-term tenant - not to mention the income you will lose during void periods. If your tenants are not renewing their lease, there are some steps you can take to address the issue. When you receive notice, ask tenants why they are leaving. You might find out there is a problem that is easily fixed, or a feature of the property that is not desirable in the long term. A standard questionnaire at the end of a tenancy is a good way to stay informed. Consider the contact you have had with the tenant. If tenants are always complaining about the same issues, have you gotten back to them promptly and responded in a professional manner? Check your property thoroughly. Not all tenants will complain, so it’s worth performing a careful property inspection and fixing any issues promptly. Are your rules too restrictive? If you don’t allow pets, children or even let the tenants redecorate, you might want to reconsider. Offer a longer initial term at the start of the tenancy. Rather than a six month tenancy, you might consider longer options. For advice on making your rental property attractive to quality, long term tenants and ensure you can get the best return on your investment, give our experienced Lettings Team a call today.